It's true, there used to be a time where you could basically play every major release coming out which is crazy to think about. There's too many games now and even worse is that tons of them are insane timehogs. The industry downsizing was sadly inevitable.

it's true somewhat
everyone has enough video games to last several lifetimes and people's backlogs are remaining untouched
a year or two without anyone making any games wouldn't hurt

I'm kind of like "who cares", most of the non-indies making games these days, you would never want to play those games anyway