Probably, but what with the "speed of plot" thing and lousy writers wanting to cash in on the Borg's popularity they'd keep bringing them back anyways. Having some other stronger species just destroy the Collective, leaving weakened remnants behind would solve the Borg problem, leave them open for re-use without anyone complaining they were emasculated since the Collective's power was gone already, and allow for more interesting stories dealing with the collapse of the Collective.
For example, other DQ species might begin an extermination campaign to wipe out Borg-infested areas and draft VOY for the cause. Or Borg technology becomes a new black market item, etc.