I guess it just depends.
Every game’s community, eventually, dims and the hype dies out. I’ve logged 500 hours so far but I’m playing sporadically. The new items will spark new ideas for my island and I like talking to my villagers from time to time.
If you ask me, the fact that the hype has deflated doesn’t affect me much, tbh. I know there’ll always be people playing if I need trading or visiting islands. Splatoon, Mario Kart, Smash communities are still strong, even years after release. AC community tends to be the same and NH is no exception.
I think there’s a big chunk of players who came in blind to the series and just loved the first experience of AC. I know friends who were newcomers and I kept telling them, “Animal Crossing is a game you can keep playing on for years”. But they don’t like “endless” games and I think a lot of newcomer players were like that. In fact, my friends haven’t returned to the game despite a lot of the updates and holidays, and I feel a big chunk of new players have done that, too, which makes me question just how much can appeal to new players.