No. Technology in music has not reduced man's ability to be musically creative. If it has done anything at all, it has leveled the playing field between the professionals and the amateurs. There was a time when someone needed a studio filled with over a million dollars in recording equipment to be successful. That time has passed, and now anyone can express their musical ability!
Newer computer technologies allow people to explore their creativity more when it comes to music. True, there is too much auto tuning done, and that makes some singing sound extremely fake. However, it is easier to skip the bad records these days and find truly wonderful artists all over the world.