The short answer, NO.
The spammy SEO from the last decade sure is dead, but search engine optimisation is evolving and is just as relevant as ever, with search engines like Google still accounting for a large amount of traffic. SEO has long moved from simple keyword optimisation and linking to a more interdisciplinary topic that includes user experience and click through rate optimisation among many other factors.
Search engine algorithms are moving away from old school SEO to focus on good quality content. Better ranking is highly dependent on good quality content rather than questionable SEO practices like keyword stuffing, and link quantity. In fact, new search algorithms penalise spammy websites that offer no real value to searchers.
Bad SEO is dead. But, good SEO is thriving and if done right, an effective SEO strategy can be an excellent ROI for any business.
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