Practically speaking, yes. As the rate of kernel change increased the effort required to keep out-of-kernel trees working with a variety of kernel versions increased as well, to the point where it became impractical with the available manpower. Support for new hardware is still sometimes backported to older kernel trees, but in general people seem to be picking up new kernels more aggressively for other reasons, typically to enable support for some *other* new hardware.
On the other hand, most of the driver functionality is still in the user mode driver components. You need to pick up new kernel versions frequently while the graphics stack is going through these big changes, but once things settle down I think you'll find things aren't much different from before.