I think people forget amidst the fact you can stream stuff, that there are still a load of live things people want to have a telly to watch. It's not all old people watching dramas that most of us would do on demand.
e.g. Glastonbury, Wimbledon, The Oscars, Eurovision, Olympics, World Cup, Euros, Brit Awards, Sport Personality of the Year, big boxing matches.... etc
Sure you can catch up on all that. But then these are all massively social media events too, so people like to watch and tweet about it and share stuff. etc. And of course live sport on telly is big business for the pubs too (or was until Covid).
Then you've got stuff like Breakfast telly. I bet the vast majority of people watch that live while doing other stuff. And rolling news. in general.
It's more the nature of watching non-live stuff that's changed. And the ability to watch stuff on other devices. But live telly will always be a thing. Just not in the same way it was.