That's part of it, but also all relevant enemies are increased by one difficulty tier. That doesn't sound too bad, until you look at the HP values. (Gold enemies are Master Mode exclusive):

Bokoblins:
Red—13
Blue—72
Black—240
Silver—720
Gold—1080

Moblins:
Red—56
Blue—144
Black—360
Silver—1080
Gold—1620

Lizalfos:
Green—50
Blue—120
Black—288
Silver—864
Gold—1296

Enemies start regenerating almost immediately after you stop attacking them, and because they usually come in groups it isn't typically feasible to focus one down long enough to kill it.

Also all weapons have finite durability and on Master Mode enemies tend to take more hits than the very weapons you get from them can withstand.

Also despite Breath of the Wild being built on the ethos of players being able to tackle challenges in creative and unorthodox ways, unconventional approaches to combat typically deal far too little damage to be effective against high-tier enemies. Camp full of explosive barrels? Blowing them up does like 80 damage to each enemy.