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Man...it's been years, so I don't remember, but honestly it felt like it at the time. Everyone hated their massive V4 redesign, so people just...left. The Reddit situation is different, because it only really affected third-party app users, not every single user of the site.
Edit: I looked it up, and yeah, there was a "quit Digg day" on August 30, 2010 when pretty much everybody just left for Reddit and didn't look back. It helped that people actively bombed Digg's front page with links to Reddit that day, letting people know where to go. Two days later Digg's CEO was ousted by the board, two months later they laid off 37% of their staff. They basically died overnight. That's not happening to Reddit.
It's worth noting that Reddit has been around a lot longer than Digg had at the time, and has way more traffic than Digg ever did. Unseating Reddit is going to be a lot harder than quitting Digg was.
reddit will also have subreddits that will be fine with very few power users.
sport and politics/news subs will live for a long time for example, content is generated every day, just need to post it.
Also it's worth noting that when Digg died, at that year there's no mobile app to use, so the og reddit design doesn't hinder the transition. On the other hand, when people switch from reddit mobile app to Lemmy browser UI, it just too different and hard to get used to, so people went back to reddit. The wave happened before there's a comparable app available, the people using Digg back then is so different than the people using Reddit today.