I definitely would not put it that way. You can absolutely get contest ready with less cardio than that. I started with 135, and ended prep with 180 minutes a week. A very strict diet took care of the rest. I was easily in the best condition of anyone at my show.
Now if you are trying to do it transformation style and lose weight as quickly as possible then this is the way, You just have to be willing to accept some additional muscle loss, or be on enough gear to maintain the muscle in such a catabolic environment, I would agree.
Keep in mind John Meadows was big on minimizing cardio and using shorter rest periods with people he worked with. He used the shorter rest periods, and nutrition to drive most of the fat loss otherwise. Bottom line though, you don't get uber ripped without some serious sacrifice regardless of the methods used.