Yes. The compensation for the miners comes in the fees within the blocks. I'm assuming that the volume of transactions by then or the derived fee as a result of off-chain transactions would be sufficient to compensate for it.
It is highly unlikely that Bitcoin would insecure by then. The way the block rewards are reduced gradually pads any impact on the miner's income and we're most likely going to see the impact far sooner than the 2140 timeline.
Doesn't this argument assume that bitcoin will be a medium of exchange in the future? If bitcoin remains as nothing more than a store of value, the volume of transactions would be substantially reduced, which would lead to low security? And if bitcoin has low security, then it's basically worthless.
So does that mean whether or not bitcoin survives depends on whether or not it becomes a medium of exchange? In other words, bitcoin being a widely adopted medium of exchange is a necessary condition for it to survive.