Yes, that's very much the case with short form video. You can get a nice initial spike of views and then it just tails off as the platform stops feeding it out to new audiences.
It doesn't mean the video is in any way bad. The initial audience may have liked it, but the signals may not have been strong enough to get it to a wider audience. I'd look at retention, average watch time, completion rate, rewatches and shares.
Rather than just delete and re-post, I'd use the data to improve the next version. Test a better hook, get to the value faster and make the ending more compelling. A video can also pick up views again at a later date so you wouldn't want to judge it on the first few days alone.