No. Automated testing is not making manual testing obsolete. Though automated tests help avoid regression issues or find problems that you are already aware of, manual exploratory testing is essential to find the bugs you don’t know about, such as incorrect requirements or implementations.
Some types of testing, such as exploratory testing, usability, and accessibility testing, need to be performed by a human tester.
Automated testing is only as good as automated tests. If bugs or problems are in the tests themselves, they will provide wrong results, giving false assurance to the stakeholders.
Good automation testing tests repeatable test cases which you can reproduce deterministically. It certainly reduces the amount of manual testing that a human tester would perform but does not eliminate it. Once a human tester discovers a bug, they can add automation tests to ensure that it’s caught automatically in the future.