Artistically speaking, there is nothing whatsoever stopping some TV or film producer from continuing with the TNG universe if they wanted to. If they wanted to do it tomorrow, they could do it tomorrow. Plus, the commercial viability of it would not be adversely affected by the fact that ST2009 was made. I'm not saying it would necessarily be commercially viable -- just that ST2009 did not ruin that viability.
So no, Levar -- Abrams did not erase anything.
Even if the movie explicitly erased TNG from existence, there's no reason why they couldn't ignore it and make a TNG movie later. I've seen film sequels that ignored prior installments in a series just because. Terminator: The Sarah Connor Chronicles
ignored Terimanator 3: Rise of the Machines
and picked up after T2. Friday 13th Part VI
ignored V and told a totally different direct follow-on from IV. Star Trek VI: The Undiscovered Country
seemingly ignored STV, which ended with Kirk and the Klingons on friendly terms and made Kirk a bitter Klingon-hater since his son's death in STIII. Casual movie fans are seemingly much more able to accept these things and enjoy what they're watching than die-hard Trekkies are.