That pretty much sums it up, agreed. Nowadays, Cam Newton and Kaepernick are the only QBs who I'd feel even remotely comfortable running a real read option. And even Newton isn't immune to being banged up when used like that (see: ribs, ankle), while Kaepernick has had the reins pulled in so much that he's lost a lot of his effectiveness.
Russell Wilson is kinda the lone holdout in still being pretty effective, and that's a combination of him almost always running with the intent to pass, and only taking the run when there's a lot of open space and he can get down/out of bounds after a significant gain without absorbing a hit. Plus just being an overall strong downfield thrower.
Basically, it increasingly looks like the read option can only work to the extent that your QB can execute it without routinely taking hits, and so far most QBs haven't proven able to do that.