In nations with a history of communism, yeah, it looks pretty finished. Those nations know firsthand it doesn’t work.
In nations with no such history, though, such as the USA or some other Western nations, it is never going to go truly dormant for two reasons: 1) we’re quite a long time after the horrors of Communism in other nations like the North Korean famine or the Great Leap Forward, so the younger generation of today doesn’t believe communism is actually bad, and 2) capitalism is getting worse and worse, which always invites people to go hard left.