If they end up missing a huge chunk or even all of the season, then I don't think baseball recovers from this. They'll still have fans and loyal local followings, but they'll inch closer to being the NHL in terms of having no national footprint and being strictly a regional/niche sport. If they only miss April, then we'll probably see no significant change since no one cares about baseball in April anyway, but this definitely seems like the type of lockout that will last most of the season, if not all of it.
Baseball recovered in the 90s because of the home run chase, but also keep in mind that baseball was a lot more culturally relevant back then so it was easier for something big to bring fans back. In 2021, we saw the modern day Babe Ruth and it barely made a ripple outside of baseball circles. If Ohtani was around in the 90's he would have probably been one of the biggest athletes in America. Baseball over the last 10 or so years has really fallen off the national map, and even if someone were chasing Bonds' single season home run record in a few years (spoiler: no one will), I don't think it would bring the level of attention that the home run chase of 98 did.