Not even a tiny little bit.

• Just to be clear, strictly speaking "Minoan" is the name of a style of material culture. It is often dangerous, and often wrong, to equate that with a particular ethnic group, language, or political entity. Certainly by the historical period Crete had a very diverse ethnic composition. Having said that, it is very possible that "Minoan" does equate to a single political entity controlling the island from Knossos (there's some archaeological evidence suggesting that; but it's not crazy to disagree with that conclusion and see Minoan Crete as a group of autonomous palace cultures).
• As a bit of background, the so-called "Old Palaces" of Crete were destroyed in the mid-18th century BCE, and it is often supposed that earthquakes were the cause. This destruction did not interrupt ongoing development, however, whatever the real cause.
• The palace (i.e. "Minoan") culture of Crete didn't come to an end until ca. 1450 BCE.
• There have been attempts to pin this on the eruption of Thera/Santorini, to be sure. Geological evidence of a powerful tsunami has been found at various points on the coast of Crete.
• However, these attempts are just a tiny bit flawed by the data we have relating to the date of the eruption. Dating by pottery evidence is extremely contested in terms of absolute dates, but relative dates are secure; the eruption belongs to the period known as Late Minoan 1A, yet we know there was a building boom in the Late Minoan 1B period. Even without absolute dates, that's fairly damning. Moreover, radiocarbon dating has pointed to an earlier date still, in the late 17th century. Even before that, some archaeologists had already been arguing for a 17th century date (Stuart Manning's 1999 book on the subject argued for 1628/1627, based partly on ice-cores taken from Greenland, evidence that has subsequently been challenged); one olive branch that was buried alive in the eruption has been radiocarbon dated to 1627-1600 (95% confidence). Even without consensus on the dates of pottery styles, there's a pretty good consensus putting it, if not before 1600 BCE, then certainly not much later. You can't blame events in the 1400s on an event with that kind of dating evidence.
• (Having said that, it is moderately safe to say that the Minoan settlements on Thera itself were wiped out by the eruption.)

Instead, evidence of destruction caused by human agency in the LM 1B period, followed by evidence of Mycenaean material and textual culture on Crete in the LM II and III periods, points to Mycenaean invasion as the occasion of the downfall of the Minoan palace culture. Attempts to drag Thera into it are unnecessary and unfounded.

"Atlantis" doesn't even enter into it. That's a "legend" that was invented for a specific occasion by a 4th century BCE philosopher, and which he set in the Mesolithic (in the 10th millennium BCE, to be specific). And in myths recorded after 800 BCE, it takes some believing to see historical events even in the Iron Age, let alone in the Mycenaean period, let alone in the Minoan period.

Edits: formatting error; added a bit more detail about Manning's book.