I think it's both but I think the end result is less traffic means less sales.
I don't have paid ads, everything has been organic with the blog being the main funnel into everything. For quite a few years I tried creating a podcast and also have 5+ years of weekly YouTube videos but the traffic back to the courses from those are close to nothing.
Conversion percent rates haven't changed, they have remained consistent.
My figures almost track perfectly with StackOverflow's chart: https://i.sstatic.net/IY0g8JZW.png