For a smallish subset of use cases, maybe. But replacing the DOM with a canvas-based UI for general use would be reinventing many of the problems of Flash.
Gamedev is a separate topic. As for designers, they are on the opposite side from users in the tug-of-war of control over content rendering. I don't believe they should get 100% of their way.
WebGL bindings are on the same footing as DOM bindings- they're not an alternative in this sense, because insofar as we have one we already have the other.
What I'm saying is, the feature/mechanism that lets WebAssembly call WebGL or WebGPU is exactly the same one that lets it call DOM APIs. The same implementation work supports both.
One example among many ramping up
https://platform.uno/