The bipartisan Senate investigation committee has said that there are aspects that need further investigation against Trump's aides.
On August 18, 2020, a final report was released by a Republican-controlled Senate panel on the '2016 Russian interference'. This bipartisan report suggested that many of Trump's campaign members were businessmen with no political background and that they were vulnerable to fall prey to the tactics used by foreign powers (Russia). The committee report gave a presentation of the evidence in the matter of conspiracy. Still, it did not settle the question of whether Trump's campaign members were directly involved with the Russians in meddling with the 2016 U.S. Presidential elections.
The points raised by the investigators merit further investigation and hence cannot term Russiagate as a hoax.