Again, depends if we are talking expats or locals. Of course many expats left to avoid the covid restrictions and makes sense that they would come back if those restrictions were eased. For locals though, the reasons for leaving superseded Covid and nothing has changed in that respect.
Already heard stories of locals with high paying jobs who have gone to Europe in the belief they could land good jobs overseas. Some are already back in HK wanting their old roles back. I think most HK locals who are middle class would be shocked what middle class in Europe means in terms of after tax salaries and living style. Im very impressed with the ones that go the BNO route and take several notches lower income on the chin and continue to fight - tough people!
A lot of locals will find it hard to integrate and assimilate in other societies that are dissimilar to Chinese ones. Some will be willing to sacrifice their own lives for their children's future and others may choose to return.
They have built many China towns across the world and if we take a small example of that documentary (Part 1&2), wonderful echo system built by first cohort of locals in a small UK city to welcome and support next cohort of people settle, help find a job etc..
End of the day we hardly need 5-6 people/couple max in our inner circle to survive anywhere, if they can stick together like they have in beginning, not too difficult to assimilate..
I have a colleague who left 2 years ago came back to hk and back into our company. He brought his wife over with him too.. So thats +2 right there lol
HK has always been transitory cities.. people come people go.. it has always been short of people resources, so tonnes of visas were issued. Whatever shortfall, some guys will want to take up the role if the incentives are good enough. Our company has been hiring fairly senior technical guys from many places, UK, Dubai, Australia, South Africa, India etc.etc... everyone has their own reason of deciding to make the move. Its definitely not a one way street and after some short hiccup i think nobody remembers the 2022 anecdotal events anymore...
A local HK friend left last year as she feared the worst with the HK government. She moved to England and came back 3 months later stating it was too cold.
You seem to forget that locals the covid controls have nothing to do with the exodus but the crackdowns in 2019 and China ending 1C2S in 2020 is what makes them choose to immigrate, this hasn't stopped at all, and this huge shift is something which has not happened in prior decades.