I would imagine this phenomenon is highly regionalized.
Here in NoVA, during the end of Tiger's reign, there was massive overbuilding of golf courses out in Fairfax/Loudoun counties, and they did OK. But when Tiger started to swirl the drain, a LOT of them went belly up, including some really nice public courses (e.g., Virginia Oaks, which may well have been one of my favorite layouts ever across the lake from the RTJ Club where they've held the President's Cup).
On the other hand, Covid really threw many clubs a life line, as golf is an outdoor activity with natural social distancing, and people had some time on their hands. Since 2020 (just after we finished a major renovation), my club has been hitting all-time highs in terms of numbers of rounds played. And we have a 6-year waiting list.