I know that few people learn like this these days. I've heard extreme negative criticism when I tell people that a few years of 2nd/3rd tier support on a large codebase is actually a good start to a coding career.
But I also never experienced the troubles described in this article. There were hard times, which would have been eased with today's online content. But it wasn't hard because of a downturn in confidence, and resulting "despair" that is described - it was a slow, but steady increase in confidence and abilities.
So are people better off today? Maybe. They certainly are coding at younger ages... but I have no complaints about my path. I still was fully competent in my early 20s, did a startup at 26, etc.
So there are many paths to developing your career. I'd recommend people keep an open mind to all options, and do what works for them personally.