Doesn’t argue for annihilation.
As far as I am able to understand, the Crucifixion and Resurrection of Jesus Christ changed not just the means of obtaining forgiveness for sin in this word, it changed the nature of spiritual afterlife as well, and Sheol is not accepting any new guests anymore, for lack of a better way of putting it. Those bound in the deepest depths of Sheol are still there, though, and will be until they are unleashed upon the world for a time, and then thrown into the lake of fire for eternal torment. Sheol strikes me as being the origin of the Catholic concept of purgatory.