In a way very true but also subsidized by the wealthy's spending habits. To mention UBI without the accompanying VAT would not properly show how progressive this system can be with higher taxes applied to non essential goods.
People concerned with it wiping out safety nets needs to understand how under equipped and under utilized they are for numerous reasons. The average benefits also average to only about $500/month. UBI is a new economic floor in which we can mobilize large swaths of the population and revitalize small towns that are falling apart. The shift in economic power will be massive and it's incredible to think about.
https://www.urban.org/research/publication/five-things-you-m...
https://www.washingtonpost.com/business/economy/13-million-p...