No, they did not effectively make your headphones a bluetooth only device.
Apple included both a set of earbuds that work with the Lightning connector and an adaptor that works with all standard 3.5mm jack earphones that users already own or may choose to buy. If you have an earphone you like, plug the adaptor into the jack and you're good to go, keep it plugged into the earphones and you mostly won't notice the difference.
Unless SOMEONE takes this step of ditching the old tech, good enough will rule the day for audio headsets. Apple has stepped up to the challenge by making it possible for headphones to move into the next generation by providing more voltage and a broader bandwidth for data through a modern interface.
For wireless, Apple has re-designed the Wireless Bluetooth system, re-inventing the system by putting a processor into their wireless earbuds that can handle more bandwidth for far better sound reproduction than anything that has preceded it in the Bluetooth world. They've eliminated pairing so that the devices can instantly recognize Apple devices that belong to the same owner and instantly switch between them. These are major improvements. Apple is going to license this technology to all comers who wish to make headphones
I'm still not sure why Apple's detractors always feel compelled to misstate the facts whenever Apple changes something.
I’ll go on record as saying that I think removing the headphone jack is a bad move. I generally dont use my phone for music, as I prefer a device I can load stuff onto as a removable drive for that. (Microsd cards are cheaper than dirt these days, and having cards for different , mixes works for me)
That said, if you are with someone and would like to both be using phones with the same device, this would be good for that use case. (If it allows that)
Portable headphones tend to be pretty fragile devices in my experiance. I realize they have a connector/covverter for it, but I mostly see that as another point of failure.
I’m sure people will adapt, because they mostly do over minor annoyances, but I don’t have to like it :-) it will be a few years before I am ready for a new phone in any case, so I won’t have to worry about how to deal with it for a while.