That’s the gist of it. Unless you’re producing mass content via bot or a major media company with tons of material to upload, you can no longer monetize your YouTube channel without a bare minimum of 2 years of 80+ hour weeks or 5 years of full-time work making videos.
They just locked out the creators who made YouTube a thing. Now it’s just a network like ABC, only with much crappier standards.
YouTube is walking away with the moneybags small creators earned them, laughing. Eat it, suckas! Thanks for your hard work, now piss off!