It only matters if it's important to you.
I'm British Indian and though my mum speaks English, my PIL and my grandparents are 1st generation, so their first language is Gujarati.
Therefore, my kids grow up with the language. It's unavoidable.
We wear the clothing for occasions, I cook Indian food regularly and try to speak our mother tongue at home but find ourselves switching back to English without realising.
I love my culture though, even the music, so I don't see it disappearing completely. I also love Bollywood films, especially the classics. It just won't be as prevalent in their lives as it is for our parents and grandparents.
We also don't have much family in India, I've never even been, but that doesn't mean you can't or shouldn't go.
However, I still do feel more comfortable with company from the same background. I grew up in a very South Asian community, so all my friends are from the same background. I also have friends who are White and I see both friendship groups regularly.
I do think some of the mentality of the elder SA generation needs to change I.e. marrying outside of the same culture, viewing 'light' skin more desirable, desirable careers (medicine, law, engineering etc). I'm hoping these are starting to die out as generations go on.