Yes, Bitcoin can grow to massive heights (e.g., $1M+ per coin) purely as a Store of Value. It does not need to be a daily currency to beat Gold.
However, for Bitcoin to survive permanently (decades from now), it needs utility.

It needs some form of transaction volume—whether that is people buying coffee or banks settling accounts—to generate the transaction fees necessary to pay the security guards (miners) once the block reward runs dry.

 "Store of Value" drives the price up. "Utility" keeps the network alive. We likely need both.