Losing your private keys or passphrase means losing your bitcoin.
if the hundred dollar bill gets flushed down a sewer drain, then it gets permanently removed from market circulation.
The same as what you have mentioned above.
However, what differs them is that your bitcoin is still there, more like sleeping inside your wallet. But sadly to say, there is no other way to use or move it.
If you are still able to find your private key or you have found a copy of it, then you are really lucky.
If you don't, then that would be it.