I'd say no, simply because the RAF doesn't now operate anything front-line of that age, even when one considers upgrades etc.
If you compare it to the (roughly) contemporary and (sort-of, if you squint regarding role etc) Mirage IV, I think a possible scenario would have seen the type retired as a strike aircraft in the mid-90s and then soldiering on as a tac recce machine for maybe another 10 years?
I suspect that if it had stayed in the low-level role it would have suffered from fatigue a fair deal and also painted a large radar picture, so maybe a bit of a liability in a modern combat scenario. Though the Buccaneer did OK in later years it seems.
And when you assume that the RAF wouldn't have needed Phantoms or Buccaneers, and maybe even not MRCA/Tornado, you realize what an impact it could have had. I can imagine TSR.2s stationed in the Falklands and been very good as long-range, missile-armed interceptors (like a modern-day Avro Arrow) and also gained a maritime strike role with Martel; probably also Sidewinders for Gulf War 1 etc. The possibilities are endless.