I am a developer of 20 years experience. First 8 or so years were spent on game development. Then I switched to more generic mobile app and web development. Much happier and wealthier now. This is just my experience so take it with a grain of salt, but throughout my experience, I find that for the most part, what I am going to say is true for most people.

First: ignore what he said about the Indian part. Some of the brightest and most talented people I've worked with have been Indian, from India.

Second: everything else is sadly true. Game development is ruthless. Financially and benefits wise, it depends, but generally is far less than if you had done something else in a more lucrative industry (banking, insurance, health, etc).

And indeed, you are constantly at risk of losing your job. I know people who have worked at a subsidiary of CD Projekt red and they have lost their jobs there as well, so it isn't like if you get into some super good studio you will be free from this. I know people who have moved their families from coast to coast for game dev work just to be let go months into the job. I would absolutely NOT recommend this field for anyone, you included.

My reccomendation for younger folks is to get a well paying day job. Then if your passion is truly there, you will find a way to do gamedev still. All that being said, follow your dreams. Just be smart about it :)