To a certain extent but more so that they are seen as antiquated, too fixated on social issues, and that they repeat the same mistakes on election, i.e., focusing on cutting the wrong things or pushing anti-abortion, guns everywhere, religious stuff, etc. The need to become more populist, the more trusted, moderate economical managers and they can win - see New England GOP or UK Conservatives, for example.
There's nothing populist about Toryism.
If the United States is going to continue to look more and more like Europe (more urban, more secular, wealthier, more cosmopolitan) than populism is not the way for the GOP to go. We just have to start doing big government technocracy better than the Democrats like we were 10 to 15 years ago.