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I'm Gen X and I can tell you from experience that that is mostly accurate.
We're the generation that was born, came of age, and entered the workforce when Boomers were still far from retirement age and hording all the good jobs. We had to all go to university to study for the leftovers.
It was the generation after us, that second round of kids that you talk about, that came of age and started going to University right around the time that Boomers began to retire, leaving all these well paying jobs for them to pick up now that us X'ers had already settled on the crappy jobs.
The tech boom of the 90s would disagree with you. Millennials hadn't finished puberty yet so they weren't taking the jobs, and boomers were still astonished by the concept of electricity. And since the computer industry was new, it wasn't like anyone was going to college for it yet.
A lot of millennials entered the workforce right around the time of the Great Recession. They were not walking out into a land of economic plenty and have been on a worse economic course throughout their lives because of it. I'm in the Xennial range and I'm damn happy I didn't enter the workforce a few years later.