So the whole idea of 'both sides are the same' is ludicrous when the above info is added to the mix

This is not the meaning of the meme. Even if you take it in the most literal sense.

Many countries with parliamentary systems have two major parties who serve similar functions, but I think the america experience is really unique. Sure, a system with n number of parties could end up with the same effect but one of the biggest differences is that you don't have one party (successfully) dodging accountability because they are "better option."

In the 2021 canadian election no party got > 50% of the seats so a confidence and supply agreement had to be made. The center right party (Liberal) made an agreement with the slightly more left NDP. We got universal coverage for drugs started. There is no way that would have happened without the NDP making that agreement. At any time until the 2025 election, the NDP could have forced an election if they didn't like what was happening.

Another way to look at what the meme represents is an edge reinforced random walk. Imagine a tug of war with a rope of infinite length so it can't end. If you assume each election is random but the chance of winning increases ever so slightly for the next election (like an incumbent). Each election win pulls the rope in your direction. Because of the slight advantage to the previous winner, the rope will move in one direction over time and it will never return to the start.

When elections can happen because the government can't agree enough to pass legislation this gives parties the chance to run hard on a certain topic they know people care about. Yes, the promises are often not realistic but people also take away their votes from the main parties when they are mad. It's a lot harder to say "vote for me or bad things will happen" when you know you're not signing up for a set term.

In a two party system elections are a zero sum game. The parties need to try to appeal to everyone to win elections and the people are agreeing to let the elected officials govern the for a set term no matter what. It cannot reflect the desires of the population as new issues come up and there is no motivation to push for anything people who vote for the other party night not like. That means you can't win them over.