His broader point is that he thinks mods should have stuck to their guns and kept subs private which would include their historic posts. By even reopening, they're allowing traffic to return to the site even if a few large communities are memeing hard. For the most part, subs that have reopened are going to return to business as usual. All because the mods of those communities didn't want to sacrifice their control. Spez called their bluff.
While thousands of users have been driven away, there are still more than enough who will remain and continue to engage with the site. The only lesson Reddit will have learned is that they can just wait it out no matter how unpopular of a decision they make.
I'm very curious to see if there will be any meaningful drop in traffic at this time next month.