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I don't think Reddit dies here. It will lose a lot of content moving forward, but it still has all that information. And talent leaving will create a power vacuum; people will be crawling to make the next big subreddits and there will always be people desperate to moderate.
From a business perspective this probably won't hurt Reddit much if at all in the short/mid term. Enough power users will stay, meaning that content will still get posted, meaning that regular accounts (lurkers+dispassionate users) would be happy enough, meaning traffic won't nosedive.
Plus, there won't be as many people pointing out bots, so reposts and stolen comments will keep engagement numbers up as well.
From the perspective of people who actually care about the Reddit community, though, things may get really ugly. The quality of content and interaction will be hurt, possibly (hopefully?🤞) irreparably.
I'd love to see what happens to old.reddit.com. When that goes, I'd be willing to bet a small chunk of change that most of whatever power users were left after the change are out. The re-design was so utterly disastrous I'd be shocked if many of the more prolific contributors to the site stick around.