Maybe...but I think the powers that be have a vested interest in keeping the college system in its current state and they'll work to keep it that way. Look at the college admissions scandal - it basically told the unwashed masses 'The college admissions system isn't broken, it's just that the rich have been gaming the system. Once that gets sorted out college will be more democratic" it was essentially a diversion from the real issues and most people ate it up.
Youtube/Khan Academy/The internet won't ever replace truly college. I think that the dream of people who think they are "smart but lazy" is to be able to watch a YouTube video and answer a few questions online and say that they "learned something". It may work well for technical degrees - especially programming, and it would probably work very well for "premed" degrees where the main goal of college is to get some required knowledge and have enough time to make your application look good. It wouldn't work for research science, art, most engineering disciplines, and the humanities where individual projects under the guidance of an expert are a key part of the curriculum.
Additionally, our entire social organization will get turned on its head if the college system goes under. I'm not saying that's a bad thing but the consequences will be interesting. Right now people make their closest friends/meet long term romantic partners/establish important business+professional connections in college. How would this change if college goes under - will people meet all their romantic partners on dating apps? Will they hang with their high school friends for a longer period of time? Will less people leave their hometowns/states or will more? Will they make friends on message boards or through social media? Will young people actually start frequenting bars/clubs/social events in their hometowns (this could be really good for the economy? Will we see post high school club sports grow?
We've already seen the way that entertainment is distributed change quite drastically - right now I get most of my entertainment from YouTube and I pay 2 groups (Cumtown and Million Dollar Extreme) $5/month in exchange for content. Any music I buy I'll buy on bandcamp using pay their what you want system or I'll buy a weird looking cassette from my local record store. I think we'll see this or 'tipping' like systems affect how art in general is distributed - if I like a piece of art, a artist, or a writer I'll just pay them directly. This provides a way for aspiring artists/entertainers to subvert traditional systems of media.
My bold hypothesis is that we'll see considerably less people from the upper middle class in particular attending college in the very near future. Not sure exactly why but I think this but I'm pretty sure it will happen.
Lastly, I think it's time for the peer review system to change with the times. Right now three experts, likely mid to late career scientists, decide the fate of a paper. I think the ideal change would be a pseudonymous message board-like format where critiques of scientific papers could be brought forth by anyone and the paper would need to stand up to critiques, follow up experiments could be posted and it would be up to you to decide if the claims are legitimate. Obviously there would be some sort of curation of significant, well done papers but Idk how this would happen. I've pitched this idea to a few scientist friends of mine and their opinions were pretty much "that's a good idea but it's basically anarchy and I like how easy it is to pick up a journal knowing that I can trust the majority of what I read". It would be a lot of work for scientists but it would greatly democratize the publishing process.