No, you can still use your Touch ‘n Go card to pay for tolls, transit and parking.
However, if you linked your Touch 'n Go card with your eWallet, tolls and parking payment at selected location will be deducted from eWallet balance under Paydirect features.
Please refer to article related to Paydirect for more info.
Below are related articles that might be useful for you :
What can I do with my TNG eWallet?
Are there any fees that I need to pay to use the TNG eWallet?
Where can I find out more about the TNG eWallet and any of its functions?