It really depends where one is on the dev spectrum. The best new graduates (usually with postgrad) are making R300k-R700k/month overseas at the top end. It’s never been better. If you’re above average at development, it’s a great industry to be in. If not, it’s definitely worth looking at things like security, cloud devops, network engineering, etc.
Really, the key thing thing is that the generic “developer” denotation is so general, it is borderline meaningless. It’s like talking about the income of “being in medicine”, and lumping orderlies, pharmacists, GPs and neurosurgeons together. I feel that the original video did exactly this.