They certainly contributed to their own fall, but I don't think that was the primary cause. I discussed it in this article actually:

https://medium.com/lessons-from-history/a-world-without-the-ibm-pc-9db63c27b85e

Basically Amiga began going downhill around 1993. But ever since 1984 the IBM PC had massively outsold the Amiga despite the latter being a far better system.

Had Commodore had the kind of sales IBM had, then they would have had no problems weathering their blunders in the 90s. But a company short of cash cannot affor to make mistakes.

Also with a larger installed base, I am sure other would have put more effort into buying them out and continuing their operation. But reality is that there was not much to pick up because the PC had outsold the Amiga for so many years.