I think the message is true but misses a major point: yes, using existing hardware, we generally have some buffer though the simple fact of delaying replacement or new purchases. Equipment can recirculate (second-hand) and be maintained.

What is being missed are the larger societal needs for new hardware. If you build infrastructure (new public transport line, factory, power plant, communications network, etc) you need new components, lots of them.

The impact of shortages gets projects delayed or cancelled due to lack of availability of components or ballooning costs. It's also not just electronics, it's also shipping and raw materials costs that are impacted.