If you want to be reductive, you can say the same about delivering knowledge over the internet.
You get "90%" of the value of the world's best library - access to information - but lose things like a well-organized professional scheme, expert humans to assist you with your queries, and the ability to fill up a table with a bunch of books and reference materials side by side vs what you can fit onto your screen at once.
But you also add some new things - you don't have to travel, multiple people can use it at once, etc - that all basically could be thrown into the "10% the cost" bucket: a company doesn't have to spend to send researchers around, they don't have to wait, etc.
And publishers and artists of course were convinced that the internet would be the death of their current business models, that they were just extractive tools, not creative, and bad for their world; and weren't exactly wrong.
They're both just moving bits around and summarizing more than doing the original research to figure out atomic theory, say. But "10% the cost" - and especially "10% the time required" unlocks A LOT of ability to do more, fancier things. As does bypassing gatekeeping requirements (pay to travel, pay to have marketing copy written, pay/have connections to get access to the right archives, "sponsor" an artist to create stuff personally for you...).
I think ChatGPT is generally bad as a creative agent (vs a carefully used tool) and is gonna result in the internet being full of even more low-value BS than before, but I think it's inaccurate to say that it's not going to unlock anything new. It's just gonna look way different than today's internet.