I mean, much as some people might not like it, he's right. It is just a small group of people who care about this, as the vast majority of Reddit's userbase is on new Reddit on desktop and the official app on mobile. If the protest continues, admins will simply demod them and add new mods. You already see this on /r/RedditRequest [0] which is a way to petition the admins to take over an unmoderated or private subreddit, notice the comments saying how they hope the OP gets the sub.
As long as you build on someone else's platform, expect them to not care about you as an individual. This happened in 2015 too, with Ellen Pao and Victoria, but somehow people forget about that. It's as if most users simply don't care about this kind of drama.
[0] https://old.reddit.com/r/redditrequest/comments/149z2nd/requ...