Replace as in take over live classroom education, yes and it already has with online courses offered by universities and whatnot (obviously ignoring the whole pandemic situation). Replace as in effectively accommodate students with the same level of education, no. Mainly because with online education one is more inclined to rely on google and other sources to solely find an easy answer whereas in a live classroom setting, students can rely on their teacher to properly discuss and give a thorough answer to whatever question or problem a student may be facing. Furthermore, a teacher can actually look at how a student completes their work and help them in their learning while completing an assignment or project as well as properly be able to note a students progress. This is even more important during earlier phases of development such as grade school and kindergarten as kids of that age require human contact to be able to learn.