In the 1990s, when I was working on animation software, I was told something like that by a major Hollywood director. He'd directed some of the early films that had both animation and live acting. The costs were high. What he really wanted was to get the overhead down, so he could make first-rate films for about $20M.
At the time, "Reboot", the first all 3D cartoon, was being cranked out at one episode per week by 30 people. He was hoping the technology would let him produce feature films with a similar sized staff. The idea was to pull in set models from a "digital back lot", green-screen in the actors, and go.
The technology didn't deliver that. Instead of a cast of thousands of actors, we now need thousands of animators. Look at the credits for any action movie today. There's just too much custom modeling, artwork, move matching, and manual editing of the edges of clipping paths. (The last two are outsourced grunt work and likely to be automated soon.) Viewers wanted photorealism, and that requires as much detail work as set-building.
People have tried to do CG action features on the cheap. "Sky Captain and the World of Tomorrow" was supposed to be one. But that cost $70 million, and only made $54 million. (The semi-noir look didn't help. Done better, it might have been a franchise like Captain America.) Iron Sky (budget $10M, box office $8.1M) almost a decade later had much better effects; the CG isn't as obvious.
Other than low-budget horror features, most notably "Paranormal Activity", there haven't been many successful low-budget action movies in recent years.