Here we go again. No, physical things degrade with time. It is impossible to make things last forever. Literally nothing in the Universe lasts forever.
20 years is just an industry standard "forever, but don't sue us if something fails". In reality under room temperature conditions it will last as long as your physical package lasts. No manufacturer would want to investigate failures on a 20 year old device.
Also, if you are worried about the contents, just refresh it every 10 years. 20 years retention is from the last erase and write time.
Also, PCBs themselves degrade with time and also have limited time.
But we have already discussed that.