You are right, though on the other hand feeding it a selection of 1% of the entire corpus is already pretty close to 'all the text' (if you assume exponential growth in training over time).
Even multiplying that to approximately 100% of that corpus plus adding lots of non-internet text, will pale in comparison to all the non-text training data we will (or are) feeding our coming (and existing) multi-modal models.
If I may go out an a limb here: either we will see continuous great progress on text-based LLMs alone, or multi-modal models will become the next big focus. (Or both.)
That's because people are hungry for progress, and going multi-modal is the obvious thing to try to focus on, if text alone proves infeasible to drive progress.
Just to be clear: I make no prediction here on whether multi-modal will lead to progress, just that people will obviously try it and try it hard, if the focus on text starts to stall.