Yes and no. Had there been more demand it would still be around, of course. But one of the reasons (albeit a lesser reason) there wasn't much demand was because of the antiquated engine tech. The poor A380 fuel efficiency competitiveness had less to do with it having 4 engines than that those engines were 1990s tech, same generation as on the 777, despite the first delivery of the A380 being more than 10 years after the 777. The 787 and A350 were favored by the industry not only because of point-to-point, but because their engines had far better fuel efficiency. (Even at the same generation, ETOPS aircraft would have slightly better fuel efficiency, but maintenance and overall operational cost is significantly higher because of the power envelop and reliability margins required, keeping the quadjet A380 cost competitive.)

Both Airbus and Emirates were willing to keep the A380 alive. Emirates was making money on it, and Airbus believed the market would eventually turn as airports reached takeoff/landing capacity. But Emirates wanted upgraded engines, so for several years there were negotiations between Emirates & Airbus on the one hand, and the big 3 engine makers on the other. IIRC, circa 2018 Emirates & Airbus were very close to a binding agreement with Rolls-Royce for an upgraded engine, but then Rolls-Royce faced costly issues with its existing programs. At the same time, prospective investment in the engine industry had already started winding down, and Rolls-Royce didn't want to be spending cash on a new program while GE and Pratt & Whitney were passing through profits to shareholders. So in 2019 Rolls-Royce walked away, and shortly thereafter (weeks if not days), Airbus and Emirates agreed to terminate the A380.

It's difficult to find non-paywalled sources, but see, e.g., https://www.forbes.com/sites/michaelgoldstein/2018/10/16/is-...