I think only true part in that description is "Exec roles are often handled and retained by recruiting firms".

But that is level where normal developers are not finding themselves. I am senior developer but I don't imagine being approached for exec level role.

There are different worlds of recruiting - world where I am is low level spamming that I get every day and most of it is just predation on unhappy people that would be open to switch job.

World where there is super specialized recruiting like exec level or really niche skills might work as described but that is super specialized and most people are nowhere near that world.