Nothing lasts forever, but Emacs has enough momentum behind it that I'd be shocked if it dies within our lifetime (assuming there's no general collapse of technological civilization, of course). Even if the FSF were to become defunct, enough people care about Emacs and are involved with it that somebody will continue developing it.

VSCode's development is so totally dominated by one company that it's hard to imagine it continuing to go strong if they decided to discontinue it (Cf. the fate of Atom).