Not at all, just adding more options. All that hardware installed on every resort room, the ticket entrances, the NFC portals for photos etc. Disney has said Magicbands are not going away they are just providing more options. They still sell and keep coming up with new Magicbands, if they were going away they would stop making them. It's the free side of it they can't justify anymore.
Ya thats what Disney is trying to cut costs on, just like Magical Express, they didn't operate it themselves but partnered with another company. That was a free service if you were flying into MCO and staying at a Disney Resort (sure it's added into room costs/park ticket costs but still). Thanks to the Pandemic the parks have operated at a major loss. Disney may be rich a.f. but they don't like nor want (and neither do their shareholders) anything operating at a loss.
These are all cost cutting moves to get them closer to the black.