Hardly. The office of the HRE did suffer great fluctuations in power and prestige during the early modern period, but it was never 'dead on its feet.' The Emperors of the renaissance asserted their power against the Pope and the Princes. They were on the way to unifying the Empire, until a little thing called the Thirty Years War happened. The Habsburgs wanted a total victory, and if they'd had it, they probably would have gained, at least at first, a hereditary, Catholic empire to lead.
They didn't count, however, on Gustavian tactics and French intervention, and so, while they didn't quite 'lose' the war (To be fair, the war was so devastating that everyone lost - except perhaps the French and the wily Swedes) they lost the Empire. After that point, the Emperor was indeed a lame duck. But alas, what could have been! In exchange, though, we got the Westphalian system of nation-states, which more or less rules geopolitics to this day.