Personally, don't think so.
It completely depends on where the market is heading or trending towards. Previously, classic colors were all the rage, and they are still highly respected (for perfectly good reason).
We had multiple iterations of classic colorways, GMK classic retro, 9009, hammer's sets, etc.
Then we saw that crazy color combinations saw a spike in popularity after the community showed there was an interest in expanding past that comfort zone. (laser, miami, rainbow, etc.)
Now we're seeing an influx of anime & game themed colorways make their appearance (metaverse, shoko, black lotus, alter, etc.)
Just from watching the market trend move and touch different interests, I wanna argue that it isn't peaking at all.
I think it's expanding.