Yes, and that is how it is supposed to be. A spell or ability that has targets, for which ALL targets have become illegal by whatever means, does not resolve and NONE of its effects happen. That is a fundamental rule of the game. I separrated the important part of the rule below from the (also important) bits around it.

608. Resolving Spells and Abilities
[...]
608.2b If the spell or ability specifies targets, it checks whether the targets are still legal. A target
that’s no longer in the zone it was in when it was targeted is illegal. Other changes to the game
state may cause a target to no longer be legal; for example, its characteristics may have changed
or an effect may have changed the text of the spell. If the source of an ability has left the zone it
was in, its last known information is used during this process.

If all its targets, for every instance of the word “target,” are now illegal, the spell or ability doesn’t resolve. It’s removed from the stack and, if it’s a spell, put into its owner’s graveyard.

Otherwise, the spell or ability will resolve normally. Illegal targets, if any, won’t be affected by parts of a resolving spell’s effect for which they’re illegal. Other parts of the effect for which those targets are not illegal may still affect them. If the spell or ability creates any continuous effects that affect game rules (see rule 613.11), those effects don’t apply to illegal targets. If part of the effect requires information
about an illegal target, it fails to determine any such information. Any part of the effect that requires that information won’t happen.