They might eventually make it inaccessible, but getting rid of it would take an enormous amount of work. Edited relevant xkcd:
Question: People who still frequent Reddit, has it gone back to business as usual or are the protests still having effect?
Most subreddits are no longer private, but a lot of them are still protesting in various ways. If I were an advertiser viewing the chaos on Reddit, I'd hold off on buying ads there.
Copyleft.