A question asked by none other than the godfather of the modern American conservative movement, William F. Buckley Jr.

Of course it will. These periods allow each party a chance to slough off it's dead weight.
The pendulum always swings in politics. In the Dem party It swung from Ike and Kennedy to the whacked-out positions of McGovern and Carter, then back to a centrist-populist like Clinton, now it is swinging back to the whacked-out socialist positions of the early and mid seventies. You see this in every Dem presidential candidate.

On the Republican side the pendulum went from Conservative Icon Reagan to the liberal-ish neo-cons, Bush 41 and Bush 43. It will swing again.

The thing we have to watch out for and prevent is the pendulum swinging too far in either direction. Particularly, given history, too far toward the materialist world view.