Yes it has. Half the colleges that do not open this fall, will never open. Maybe ten percent of those who open only online will not reopen next year. All those expensive school buildings and staff will drag down small private colleges. While online for profit colleges that have little to no campus will surge in popularity because they will have better online line infrastructure, and lower expenses.
Many colleges had expanded decades ago due to the Vietnam War; many applicants weren’t interested in education, but draft deferments. Since the draft ended, tuitions have risen and borders lifted to counter declining enrollments.