I think a perhaps more accurate way of stating the position is that "Netflix is not good enough at creating enough good content [to make up for 1) existing back catalogs and 2) parallel activity from strong competition]. I don't think anyone could definitively state that Netflix content is subpar when it's at its best, but I also don't think anyone would suggest they'd be willing to give up the big studios and rely exclusively on Netflix original content.
As things start to fracture more and more, the big studios kind of find themselves in the same position. Disney+ probably has one of the strongest single-publisher back catalogs, and there's still a lot of talk about there being nothing to watch after you finish the few originals and whatever old thing you were interested in.
Yeah, Netflix has far more new exclusive content. And by that, I'm counting out all of the currently released movies Disney has also on Disney+, since many saw those in theaters.
