It's not really that much of an exaggeration. Significant percentages of women died in childbirth, young children died of diseases, and men died of violence. If you didn't, multiple people close to you did. Back-breaking manual labor for subsistence was the norm. Even the small minority who lived "comfortably" could randomly die from a tooth infection.
It can be exaggerated to be sure, but I think it's even easier to discount the stunning drop in absolute poverty over the last two centuries because we've simply forgotten how terrible the old "normal" was. I highly recommend books like Enlightenment Now or Factfulness that do a great, detailed, and evidence-based job of driving this point home.