No, gun violence didn't cease. But mass shootings went down:
https://theconversation.com/did-the-...ells-us-184430
You know, if Ronald Reagan thought pistols, rifles and shotguns were sufficient, it's hard to understand this fascination with keeping assault type weapons available for sale. No one came to take your guns away between 1994 and 2004. I think the country would be safer if all the firearms defined in the '94 bill were turned in, and not sold again. You'd still have millions and millions of guns left to protect the second amendment "right."