Funny enough it has been so long that we have come full circle on this. Studios that were pulling their content from Netflix to launch competing streaming services are now willing to license it again because their services are failing, leaving them bleeding for cash. You can even find the newest Disney and Warner Bros movies and shows on Netflix now.
Is it region locked? In the UK it's basically cobwebs. 99% of new stuff is just unwatchable filler. Template stories with dialogues probably written by ChatGPT.
You're overstating considerably.
I live in Australia and have noted the same phenomenon on Netflix. There is an absolute dearth of new, quality content coming through. I've seen no indication that formerly exclusive content from other platforms is making its way to Netflix in my country.
I don't believe the person you're replying to is overstating at all, and certainly not 'considerably'.