Not likely. This issue is pretty complicated so I will summarize some of the key issues at play with Plato's text, and then the historical problems on top of this:

(1) As has been widely known, Plato's texts are not historical records of Socrates or what others said. Plato is placing his own doctrines and ideas in these texts, and often using Socrates as a mouthpiece for his own philosophies and ideologies. A key example of this is The Republic (see this). As such, there is a degree of fictionality from the start.

(2) We have no other sources which can confirm such an account or even really parallel it so as to say that Minoan Crete's collapse inspired Atlantis' downfall. We do not have any texts from Solon (the supposed originator of this information for Plato) to confirm these accounts. These claims are only found in Plato's Critias and Timaeus. In fact, the linage with Solon in Critias indicates that the whole story is likely a fiction just in a meta sense (see Feder, Frauds, Myths, and Mysteries: Science and Pseudoscience in Archaeology [Mountain View 1999]).

(3) There is a trope in ancient fiction (and modern fiction) of faking sources to claim historicity, as noted by J. Annas, Plato: A Very Short Introduction (OUP 2003).

(4) Lastly, it is also noteworthy that there are simply no convincing parallels between the Atlantian tale, and that of the Minoan collapse. Furthermore, the Bronze Age collapse for the Minoans did not end with any catastrophe comparable to Atlantis. Only the early Thera Eruption possibly, but we still cannot make any precise or convincing links between the Thera Eruption and tale of Atlantis.

A major issue is that the tale of Atlantis is serving Plato's political message in these dialogues. It is not coincidence that the tale of Atlantis is just so perfectly positioned so as to illustrate some notable points of Plato's dialogues Timaeus and Critias, and as such, along with all the above issues, there is simply no reason whatsoever to link it to anything historical at all. We have every reason to think this is nothing but an invention by Plato and nothing more.

Atlantis never existed, it probably was not based on anything historical, and is merely there to serve the purposes of Plato's dialogues and agendas.