Indeed.

Aluminum is actually a (far) superior conductor to copper per unit mass. It would be used on transmission lines even if it was the same price as copper, because the towers can be cheaper and farther apart. It's in increasing use in EVs due to the lower mass.

Copper is still used when the conductive density matters, like the windings of an electric motor. But if copper prices increase further, manufacturers will make sacrifices to efficiency and power density in order to save cost. And they'll figure out how to better balance the use of Al vs. Cu, perhaps using Cu only for the conductors closest to the core.

We also use copper for transformers, which are fairy "dumb" in their usual design. Solid-state transformers exist, which use much less copper, but are currently more expensive. They will no longer be more expensive if the price of copper goes up too much. And they'll probably get cheaper in the long run anyway, regardless of copper price, in the same way that switch mode power supplies have totally replaced linear supplies in the consumer space.

I've seen increasing use of copper in fairly mundane uses, like computer heat sinks, that used to be aluminum. The performance is a little better, but it won't be worthwhile if copper gets way more expensive. They'll just go back to aluminum, or use some other innovation (carbon heat spreaders, etc.) if price becomes an issue.