Potentially, yes. However, the same problem I have with current subscription models also exists with Substack. I added up all the subscriptions necessary to bypass paywalls I encountered every month, and it came to roughly $3,000 a year. I'll have to do the same thing with Substack subscriptions. I expect they'll be like $50 a year for the basic subscription, so it would probably only be a few hundred to a thousand per year.
I'm willing to pay, but not by individual subscriptions per news organization. I'm more interested in following journalists than news organizations.