First I've heard that one - trying to take it at face value, is the thesis that truth, equity, justice, etc should (must?) be discarded or suppressed if there is money to be made in the short term?
It's more like: focusing the marketing or intended audience of product on the smallest viable minority of potential customers with the intentional exclusion and or derision of other potential customers is not generally a profitable marketing strategy.
Exceptions that prove the rule are those that focus on exclusivity or rarity, such as products that truly only are needed/desired by a niche audience but at a higher cost to make up for the lack of broad appeal/availability.
Movies and TV shows (about which the "get woke, go broke" saying originated) don't fall under that sort of exclusivity-at-a-higher-price concept. Intentionally alienating 80% of your customer base to appeal to 20% is a risky strategy.
There is also another popular expression: 'Get woke, go broke.'