kinda but not. The problem with spinny disks is that you have allocate space for them. You can't quickly swap out drives to take offsite.

Whats grand about tape is that its still faster to dump to your library, eject the magazines and store off site.

Whilst you can do that with HDDs (think snowballs but bigger) its a lot more expensive and error prone.

Tape serves a purpose, but thats pretty niche by todays standards.