All else being equal, it is true, assuming member reads.
But all else is seldom equal. Claps, comments, friends of medium or not all affect earnings.
I keep spreadsheets and can tell you that my earnings per read on a daily basis vary from 3 cents per read to close to 9. Individual stories sometimes earn a single cent. But after 100 reads and up per day, the 3 to 9 cents per read kicks in. The average floats around a nickel for me.
I can also tell you that I have earned not hundreds but multiple thousands of dollars every year — over $2,400 in this year so far.
That is not a living income, but it’s very good for the effort put in. I am quite happy with it.