It's still BS. A consumer level analog camera captures around 1GB of data with each picture. The peak of film sales was in 1999 when 800 million rolls of film were sold and 25 billion images were captured and printed which works out to around 25 EB of data just from analog cameras in 1999.
Your example also neatly illustrates that not all data is equally meaningful. You lose a lot of information when you do JPEG or MP3 compression, but it doesn't feel like you're losing much of value.
