Maybe.
It's really hard for me to believe that a uniform 600 tweets read per _day_ limit for almost _all_ accounts is the best tool they have to mitigate a scraping attack. They likely have great insight into the risk profiles of each account based on age, size, past engagement. This is an incredibly coarse banhammer -- very close to just turning off the servers, IMO. Reasonable if it lasted for an hour, debatable if it lasts for a day, idiotic if it lasts longer.
Would love to see the inside story, hopefully it gets leaked/reported at some point.