Has Deep Learning Made Traditional Machine Learning Irrelevant?

On Quora the other day I saw a question from an aspiring data scientist that asked – since all the competitions on Kaggle these days are being won by Deep Learning algorithms, does it even make sense to bother studying traditional machine learning methods? Has Deep Learning made traditional machine learning irrelevant? I can understand on a couple of levels why he asked the question. First if you look at the recently completed Kaggle problems it's easy to draw the conclusion that deep learning is the only way to win. Second, if you follow the data science literature we are being bombarded by information about advancements in deep learning, especially as it's implemented in AI, with very little new coming out about all the other algorithms that make up our tool kit.