No, light still exists as both particle and wave.
You can think of it like this, at micro levels, when we are talking about lengths which are comparable to the wavelength of light, light behaves as a wave, but, when we are talking about larger things, then light acts as a particle.
So, like in Double Slit Experiment, since the size of the slit is comparable to wavelength of light, it shows wave nature.
But, in case of Photo-electric effect, the size of the metal plate is too big and the electrons too small so, it acts as a particle.
So, in conclusion we consider light as as wave and a particle, and this will continue until we are able to find a theory which can explain both kinds of behavior by considering light only as a wave or a particle.