I had a whole discussion with a German friend whose husband works in opera (this was after Chalomet's "opera as a dead art" comments) and their view was mostly that this view of the world does not hold for at least chunks of Europe. To their mind, there is still both active input into this space, support in this space, and there's societal support to some degree or another.
I don't know the realities on the ground, but that annecdote did make me wonder if I simply assumed that the world of classical music wasn't as dire if you leave the States, at least in terms of job stability.
The comparison to popular music is kinda funy too... plenty of pop musicians that don't live off of their music, right? Maybe we're not generating "Taylor Swifts of Oboe"s but I feel like the measure is more about the median (or even the 90th/95th percentile?) when it comes to art, rather than the top of the top.