Yep. Something goes bad on '95-up and you're replacing the whole thing. The hazard switch is the one that takes the most abuse.
That hazard switch "button", with the integral metal contacts, is available as a service item. I used one on a 1995 S10 a few years ago (which has the same MF switch as GMT400s, albeit with different color of hazard switch "button").
The particular one I used was red plastic, somewhat translucent.
Google search for "gm hazard switch repair kit" and many will show up. Dorman has its own version too.
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