While this has been oft-repeated for years, more or less language-independently, I have become convinced it no longer accurately describes ruby on rails apps. People still say it about ruby/rails too though. But my rails web apps are spending 50-80% of their wall time in cpu, rather than blocking on IO. Depending on app and action. And whenever I ask around for people who have actual numbers, they are similar -- as long as they are projects with enough developer experience to avoid things like n+1 ORM problems.
I don't have experience with python, so I can't speak to python. but python and ruby are actually pretty similar languages, including with performance characteristics, and the GIL. Python projects tend to use more stuff that's in C, which would make more efficient use of CPU, so that could be a difference. (Also not unrelated to what we're talking about!)
But I have become very cautious of accepting "most web applications are spending the vast majority of their time on io blocking rather than CPU" as conventional wisdom without actually having any kind of numbers. vast majority? I would doubt it, but we need empirical numbers.