Yeah, my experience was that there's like 20-100 people total that spend all day every day actively modding for the whole of reddit, then a ton of people who do next to nothing
This is the issue that it feels like Reddit doesn't get. Maybe those people are 0.0001% of the user base, but if they leave then everything they were managing goes straight to hell, subreddits become choked with off-topic posts, spam, porn, and toxic behavior. The 99% of users who only ever lurk, and only rarely if ever comment, will stop having a reason to come around, and they'll just dwindle away.
It feels very much like every story of the toxic boss who says "my way or the highway" and then is all surprised pikachu when the only person who knows how things work chooses "the highway" and everything falls apart in their absence. I guess we'll see how it actually plays out.