Earlier quoted context omitted.
So true. It is shortsighted to value your readers only for their capacity to view and click advertisements. Readers also act as distribution nodes, sharing content that they find compelling with others who may or may not use ad blockers. Building walls will result in fewer readers, and as you've noted, less traffic will be bad in the long term...
Odd how working for exposure is decried when business owners want designers or devs to do it, but grand when we want publishers to do it.
As a publication they have little to offer to justify their high subscription cost and the portion of people interested in tech who don't use an ad blocker will eventually be the empty set.
Alternatively they could offer tasteful text and image ads served from their own domain and many people would be willing to allow them.