it does, loosely. However, box mods are still quite rare, so it's not super clear that the narrative of "people stopped smoking and started vaping" really hold

it does, loosely. However, box mods are still quite rare, so it's not super clear that the narrative of "people stopped smoking and started vaping" really holds -- or held until Juul took over, which is quite recent. It's fairer to say that an age cohort basically just stopped consuming nicotine at all, and that a new, younger generation has picked up again but switched delivery methods.