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You’re spot-on. The republicans are no stranger to factions and periods of weakness. They still manage to come back every time. The current state they’re in is nowhere near as dire as it was during the Great Depression era when articles were being made about their “inevitable” death.
This current period is closer to the Gilded Age when Democrats had support from big business and the added benefit of European immigrants largely favoring them. The Republican Party had many factions with a lot of members jumping to the very business-friendly Grover Cleveland.
People need to look harder at the Republican Party history to understand why they’ve been able to pull back after so many people over the years have prematurely declared them “dead.”