That continues to be the assumption, yes. Disregarding all the waste being created in the process.
What's fascinating is the fact that the production of TAPE sees a 5x boost. That's the format with the slowest retrieval rate, only making sense for long-term storage, usually 1+ years.
So is there really 5x more valuable data now, or is it just not economic to actually judge the need for preserving data...?