I saw that video on YT a couple of days ago and I didn't like it, it's too extreme IMO and doesn't really do justice to everything that's happening.
I'm not a mod, just a user, but I used reddit for many years so there are a few things I can understand nonetheless.
First about the blackout: it's true that only 2 days don't do much but it was probably the only way to get such a massive participation, if it was indefinite from the start, it's possible many big subs wouldn't have joined, why I don't know, but that's how reddit works.
The blackout has been immensely useful nonetheless, it made many people aware of alternatives and it's the reason why lemmy and kbin are growing so much. It also sent spez in panic mode, regardless of him swearing it was just a noise, we crashed the platform after all.
About subs reopening, it's not all of them, the guy making the video cherrypicked probably the most pathetic post he could find about it and used it to categorize every other mod, that's not the way to go IMO, they're not all the same.
It's possible that a few mods are making reddit their purpose in life, but most of them have a meaningful life, a full-time job, a family, and moderate on reddit on their free time because they enjoy a good community and exchange of knowledge, saying they're all like losers in a basement is highly unfair because it's not true.
There are still people on reddit fighting the good fight, it doesn't mean they're not planning to move away, several mods are making plans on discord AFAIK, and it takes time to organize a community, especially if big.
But the main thing the guy of the video is not getting, in my opinion, is that the purpose now is not to make reddit change their mind about the API, because they won't, the purpose is to hit reddit in their wallet, damaging ad revenues and possibly the IPO, those still protesting on reddit are doing this exceptionally well.