Only if we reach a peak fidelity level. Since storage will never be infinite therefore unless we reach a level of media quality that is good enough for everything it will always be an arms race.
I think even if we got storage that could store enough information to be indistinguishable from reality itself, we would still want to save variations, clips, duplicates, intermediates... I don't know that there is a peak fidelity.
The thing is, there are only 24 hours in a day. There is a hard upper limit to the amount of content you can consume. You're not going to be downloading 1000 hours worth of content every single day, just because it is physically impossible to use it.
