Short answer: pretty much. They'll probably end up in G-League and/or getting a two-way contract.
Long answer: NBA teams submit a list of 75 players they want to see at the NBA Combine. This year, the top 78 vote getters received Combine invites and the next 45 got G-League Elite Camp invites.
So it's possible that a few NBA teams might have an Elite Camp player in first round consideration, but they're definitely seen as a cut below the outright Combine invitees.