Is SMS Marketing dead?

I've been seeing more brands shift their budgets toward email, WhatsApp, and social media, and it made me wonder—has SMS marketing peaked. On one hand, text messages still have insanely high open rates, but on the other hand, I feel like people are getting tired of constant promotional texts. I personally ignore most of them unless it's an order update or a genuine discount I was expecting.

For those of you running businesses or working in marketing:

Are SMS campaigns still giving you a good ROI?

Have click-through or conversion rates dropped over the past year?

Are customers opting out more than before?

If you've moved away from SMS, what replaced it?

Curious to hear real experiences rather than marketing blogs. Is SMS marketing still worth investing in, or is it slowly becoming another channel people just tune out?