While you're technically not wrong, you are very much missing the other side of the coin. By and far the changes affect power users and those are the users largely keeping lights on at Reddit as moderators. Reddit always has the option of disabling making subreddits private, forcefully swapping out moderators, or etc. But even with their doubling and tripling down the leadership at Reddit understands that without this free labor, their site and company would struggle to keep up.