Art is the manipulation of tech, philosophy, and socialital values for esthetic practices. So, in general, no. Though, it will likely change what we perceive as art.

Van Gogh never would have happened without portable premixed paint, the shifting philosophical attitudes of the role of the working class at the time, and the expanding wealth of the middle class due to early industrialization.

In music, MIDI and sampling have been around for decades, and despite this, people still play instruments, but those tech advancements are driving forces for entire genres of music never before possible.

Technology is simply another tool, and AI is no different. It will, however, like all art, change and reflect how we perceive the world around us.