I don't think so - my Goddaughters are 10 and 12 at the moment and I'm still buying them Birthday and Christmas presents; usually around £10-15 per gift. The younger one comes from a practicing Christian family (we are also practicing Christians), so I send her an Easter card and a Christianity themed Advent calendar, such as 'The Real Advent Calendar' (with pictures retelling the Christmas story behind the windows - she does also get a chocolate one from her parents!)
My daughters are also 10 and 12 and the efforts from their Godparents vary wildly! The 10 year old gets Christmas and Birthday presents from her Godmother (who posts them all the way from Australia and they're always on time - she's incredibly organised!) and usually just cards from her Godfather - although he will sometimes pop a tenner in the card, but he does spoil her when we see him. My 12 year old receives Birthday and Christmas cards and presents, as well as an Easter card and a similar Advent calendar to the one I send my Goddaughter from her Godmother. However, her Godfather never remembers to send a card or anything for her Birthday or Christmas and when we visit him and his family, he hides in his Study as soon as he's greeted us!
I suspect I will continue to do as I'm doing for my Goddaughters until they are 18, after which I think I'll just send Christmas and Birthday cards with a £10 Amazon voucher for each of them.
As a parent, my expectations of my daughters' Godparents would be that they at least remember their Birthdays (even if they forget to send a card, I think they should phone to wish a Happy Birthday instead) and send a Christmas card. As they get older, I hope that they will continue to have good relationships with them (well, at least 3 out of the 4!) and that the girls can talk to them if they feel they need a different adult to advise/listen to them.
In your case, although it is disappointing that your daughter's Godmother appears to have stopped giving her gifts, I wouldn't let it affect your relationship with your Godchild. I would continue to provide gifts for him until you see fit, rather than being influenced by what your friend has chosen to do - you both clearly have different expectations of what's required as a Godparent and neither of you is wrong.