He’s not “quite incorrect.” He should have said that, generally speaking, one needs to hold a doctorate to get a regular faculty position at most respectable universities. This was less true in the past, but these days it’s very difficult for someone without a Ph.D. to find a faculty position.
Adjunct faculty are treated very differently. At most universities, adjunct positions are offered to people with practical experience in a field, and it’s usually considered a sideline, not a first job. It’s not common for people to work as adjunct faculty as their primary source of income.