Then it repeats.
I don't think so. I think the movement of the "pendulum" can be a lot more complicated than that. Yes, there are swings, but it'll hit one extreme, then swing back closer to the center but not reach it, then bounce back towards that extreme.
So with the woke stuff, I don't think it will swing "to the other side" or "back to where it was," unless something drastic happens (which IMHO will probably be something like a realignment that makes race far less relevant politically and morally).