However finite graph theory is not remotely mainstream mathematics. Take your favourite super-prestigious maths prize, for example the Abel Prize or the Fields Medal. Now look at everyone who has won this prize in the last 10 years. That is the definition of mainstream mathematics. And as you will see if you do this, the areas which these people are working on are a million miles away from finite graph theory. This is precisely the problem. Computer scientists sometimes have a very twisted view of exactly what kind of mathematics is regarded as important in 2021. The experiment I outline above will give you some idea of what is mainstream, and believe me, it's not the four colour theorem.
And I say this as someone with no interest in graph theory, or combinatorics in general.
Further, I don't think it is "elite provincialism" to point out this readily verifiable fact. Besides looking at the big prizes, we can look at any of the top journals (Annals, IHES, Inventiones, Journal of the AMS, Acta, whatever). You're not going to find a lot of finite graph theory there.
Now, I think we should separate the question whether it is the case that he's right about what mathematicians value from the question of whether it ought to be the case that the world is this way. As I just said, the answer to the first question is yes. I'd argue that the answer to the second question is also yes, but that's a whole different discussion.
The irony is that I suspect every single mathematician, elite or not, knows what the four-color theorem is, far more than could tell you what chromatic homotopy is, or state anything about the Langlands program beyond "Uh, it's something about number theory? And groups? Maybe?"
Further, it's not like no finite combinatorics/graph theory gets published in these journals. Just not a lot, because it's not sufficiently interesting/valuable to the broader community. (Annals of Math almost published Hales's proof of the Kepler conjecture, after all; eventually a proof appeared in another top journal.)
Also, re: connections, you can easily check the author affiliations for papers in these journals. There are plenty of people from universities that are not so well known. It's hardly an "old boys club."
You can see a letter to the editor of the Bulletin about it. Look at the affiliations of the people protesting the decision, and the affiliations of the editors defending it: http://www.ams.org/notices/200706/tx070600694p.pdf
Again, whether you think the criteria should be the way they are is a separate conversation.