You are right about the origin of and the circumstances surrounding the quote, but I disagree with the conclusion you've drawn.
I've seen engineers waste days, even weeks, reaching for microservices before product-market fit is even found, adding caching layers without measuring and validating bottlenecks, adding sharding pre-emptively, adding materialized views when regular tables suffice, paying for edge-rendering for a dashboard used almost entirely by users in a single state, standing up Kubernetes for an internal application used by just two departments, or building custom in-house rate limiters and job queues when Sidekiq or similar solutions would cover the next two years.
One company I consulted for designed and optimized for an order of magnitude more users than were in the total addressable market for their industry! Of that, they ultimately managed to hit only 3.5%.
All of this was driven by imagined scale rather than real measurements. And every one of those choices carried a long tail: cache invalidation bugs, distributed transactions, deployment orchestration, hydration mismatches, dependency array footguns, and a codebase that became permanently harder to change. Meanwhile the actual bottlenecks were things like N+1 queries or missing indexes that nobody looked at because attention went elsewhere.