I think it partly is that , yes. Plus a 'demonisation' of some of the jobs those grads are most likely to go into : teaching, for example!
There are actually loads of jobs in film ; it's a growth industry in the UK. But , true, more done for love than money. I do think that is a lot of what has changed in mindset and attitude.
I never hear the girls I teach explain why they want to do sciences very coherently. Normally they are half baked, secondhand feminist notions that is somehow makes them more clever or more worthwhile in society. A few mention money but it's not the driver. It still links to worth in a more nebulous sense. Perhaps English seems 'worthless' in too many sense and too abstract. If it was all about employability and earnings, history would have seen as big a drop.
I do repeat : kids don't read these days. Nor do their parents. Nor do a lot of teachers. There is less reading for pleasure at primary schools even.