This is certainly true for smaller red dwarf stars, however there are other predictions that claim that it is not as big a problem as the more dire predictions would lead us to believe (never mind that there is a growing database of exoplanets orbiting red dwarfs that have low densities indicating that they have held onto their atmospheres and volatiles). More data is needed... which is why the linked paper (and other sources) refer to potential habitability.

That being said, TOI-700 is a larger and less active M2.5V red dwarf that would not have the same level of activity as smaller red dwarfs. Again, TOI-700e is potentially habitable and is a perfect target for future studies about the limits of planetary habitability.