I assume he meant "absolutely it really would be that underfunded", because that is true.
Elsewhere in these comments people have estimated that Google pays at least 1000 people to work on Chrome. That's about the size of all of Mozilla, and a lot of those Mozilla staff are necessarily not working directly on Firefox --- you need HR, accountants, marketing, etc. Also, Google pays its developers significantly more than Mozilla does, on average; Mozilla developers tend to get big raises when they move to Google.
And that's just direct spending. Historically Google has done a lot of Chrome marketing on its Web sites, which is prime advertising real estate that would cost astronomical amounts of money if it was for sale. And historically Google has paid hardware and software vendors to preinstall Chrome, which is also expensive, though I'm not sure how much that happens these days.