Yes, sadly both Switch 1 and Switch 2 carts are flash memory. It was the same with the 3DS too, which is already starting to have a handful of games degrade and have issues or outright stop working.

While this is not yet the case for the Switch 2, the Switch 1 can be homebrewed and then used to rip your own offline digital backup copies of your cartridges. You can then continue to play the physical cartridges until they eventually stop working 15-20 years from now (or from whenever that copy was manufactured)

On the 3DS, there's actually a way to 'charge' the games with a feature that comes with Godmode9 which is automatically installed only when you homebrew the console. It doesn't make 3DS carts live forever, but it does SIGNIFICANTLY increase it's lifespan if you give them a charge once every few years or less. If you have a 3DS, I recommend doing this, as even the cartridges that seem to work fine often have already degraded a bit, and charging a working cart is still just as good.

Maybe you don't care about 3DS, but I just wanted to point that out since I'm hoping that someone develops their own equivalent version of this cartridge charging solution for Switch 1 games, and eventually Switch 2 when that gets successfully hacked, too.