True. Although that also happens because we all paywall our articles so they count towards earnings. If by default they weren't paywalled, and so they could be accessed by anyone, not by paying a Medium sub, but putting up with ads (which, let's face it, we just screen out of our visual input these days - we've probably already evolved an addendum to the amygdala since 2000 to do just that, a 'banner banner', so to speak), the proportion would shift.
Medium might feel by doing this it was enshittifying itself, as Cory Doctorow would say. But then at this point...
Speaking of which, are you familiar with the works of Gwen E. Kirby? I think you'd like her. I bought her collection of short stories on a Medium recommendation, and have been meaning to do a review to spread the word (maybe everyone else already knows about her - I need to get out more), but haven't got round to it yet.
Shit Cassandra Saw is the collection. I think quite a few stories might be available online at different magazine websites, as most were published separately before the collection.