No, a "transmission component slipping" code doesn't mean your car will instantly stop working. While it indicates a serious problem, the transmission usually degrades gradually. It might start with rough shifting, slipping, or hesitation before ultimately failing completely. The severity depends on the specific component slipping and the extent of the damage.
Ignoring the problem is risky, however. Continued driving with a slipping transmission can cause further damage, potentially leading to a complete transmission failure that could leave you stranded and result in expensive repairs. It's best to have it diagnosed and repaired as soon as possible.
