Pretty much, yeah. What is a speaker? It’s a mechanical piece of hardware. Sure there’s some software in there that manages it, but at the end of the day it’s a physical object that does work by moving about. The cone moves air back and forth and that’s how it makes sound. Over time, the components eventually become worn by this motion, or how you handle the device may cause components to come loose or break off entirely. As mentioned, as well, the software that manages the mechanical parts may [degrade](https://en.wikipedia.org/wiki/Software_rot) separately too
Speakers which are essentially reversed microphones, and of which your earbuds have tiny ones, are designed to respond to electrical signals via the magnet & coil, which moves the diaphragm. The diaphragm is generally that large circular black part of the speaker. Over time diaphragms become less responsive due to aging, degradation, use itself, etc. Also, and maybe more appropriate to your question, headphones and earbuds, because they are used outside and close to your body or susceptible to other contaminants such as dirt, hairspray, sweat, sunlight, etc. They’re also constantly being taken on and off and this movement can also affect them as opposed to regular speakers which may sit on a floor for 30 years and never be moved. , Earbuds are susceptible to ear wax which cannot only plug the tube leading to/from the speaker but wax can also coat the diaphragm itself as well as plug up the screen which is designed to protect the diaphragm from contaminants.
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