I'm leaning more strongly to "major impact / selection event / paradigm shift" than extinction. Education generally, and universities specifically, are highly durable institutions which have undergone massive changes over time, whilst retaining recognizable elements from their origins. Specific universities are remarkably durable, with the oldest (Bologna, Oxford, Salamanca, Cambridge) dating to the 11th and 12th centuries (Bologna will be 1,000 years old in 2088, within the lifetime of some now reading this). (
https://en.wikipedia.org/wiki/List_of_oldest_universities_in...)
Curricula, degrees conferred, methods, organisation, associated attached sport and medical industries, and defence and research programmes ... are largely newer. Starting with the Humboldtian reforms in Germany in the early 19th century, much of what we now think of as the modern universiy started taking shape (https://en.wikipedia.org/wiki/Humboldtian_model_of_higher_ed...)
In-place instruction of both explicit and tacit knowledge, remains the most effective method attained. Mediated education, whether through old low-tech such as books, or high, such VR headsets, may have their affordances, but simply cannot match the full immersion of simultaneous group presence. More so for tacit knowledge in which simply ingesting words is not sufficient, where hands-on experience is required, and equipment, facilities, and materials needed.
There are several fundamental functions of the universiy which seem unlikely to vanish. Education; credentialling; open research; establishing curricula and pedagogy; relations with culture, industry, and government, document archival, basic research; keeping aging academics off the streets; and serving as transition institutions four young adults entering the world, all remain. No doubt individual campuses or systems will collapse, and many revered traditions will be abandoned, at least temporarily.
How this is accomplished given a few months, or years, or decades, of endemic disease, is a challenge. The institution's seen worse.