In terms of overall users, probably not. In terms of valuable, knowledgeable and hardworking users? Totally.
Take r/AMA for instance. The place was a gigantic draw for Reddit as a space for trustworthy, verified celebrity interactions. The entirety of that work was done by volunteers who have since left that work behind. As such, the place literally can not function as it was.
Another example I saw much closer is r/piracy. Despite what astroturfing bots and Spez Stans would have you believe, Reddit absolutely wanted that sub opened because of what a huge draw it is. Just looking at what they did is enough to prove that. They removed the top mod, manually un-privated the sub, then removed the next top mod for continuing to protest before installing their own. The place is open now and working “normally.” Despite this, there’s really no one knowledgeable left over there. I looked recently, and I found a lot of highly-upvoted, really awful advice. Like, some borderline dangerous stuff.