Wouldn't write that off altogether for longer values of "eventually". The current government's political legitimacy is in part tied to delivering economic development. But obviously rapid exponential growth can't continue forever. After that levels off (and with incomes/education/institutions etc more developed), it doesn't seem unthinkable that some sort of political reform will need to be on the table again in order to maintain legitimacy. Maybe not from Xi Jinping, but he's 66, he won't be president of China forever.
I am certain once the income reach a certain threshold, North Korea would be a democratic country.
The current protests are a mix of a culmination of two decades of waiting, then despair and anger at what looks like the inevitable outcome of twenty years of stonewalling and tightening.
You're being shortsighted if you think the Victoria Park vigils don't do anything. People watch silently but it has a bigger effect than all the loud protests combined. The strongest argument needs no words at all.