Yes.
But reaching that point would be bloody. Say some federation or single government has jurisdiction over the entire world, and its decided that Chinese shall be the new global language…or Arabic…or Bushman. People would probably start wars over language alone.
Underground speakeasys would pop up, with people speaking forbidden languages…and drinking whiskey. Then yelling in Russian or something.
But assuming it was somehow done, and everyone on earth speaks the new Globalese, created by combing all languages together with weightedness of words and grammar based on population of speakers of each language, then I think the world would be better off. Like you said, cultural richness would be lost though. But the benefits of greater cultural similarity and communication would out weight the costs.