Both parties should want a place that's enjoyable to work over the long term, yet sometimes the company will have to make hard decisions. Priorities slip or people are straight-up unable to avoid, say, laying off half the staff. Framing and context matter, as always. "Your employer is not on your side" is hopefully not a statement about the day-to-day interactions with your boss, or even a statement about company values, but it can serve as a reminder that there's always a line somewhere, and, intent aside, your best interests may simply fall on the wrong side.
I think I generalised it correctly. I agree with this point - that it's often not the most profitable to suck your employees dry, as you say.
Your employer is not on your side, even if your goals temporarily align with their long term vision. That is almost the best you can hope for in employment.
If business has a time of crisis, for whatever reason, then it becomes a risk-minimising strategy to exploit staff - at least until the crisis is over or the business collapses.
The very best employers don't just treat their people well, they also educate them.
Maybe that's true for most venture-funding backed startups, but it's a bit of an unfair generalisation. There are plenty of employers out there that don't want to suck their employees dry. Some companies have a more long term vision, and the easiest way to retain employees for more than a few years is to not exploit them.