https://en.wikipedia.org/wiki/Decline_in_insect_populations#%3A%7E%3Atext%3DGlobal_estimates%2C-Insects_with_population%26text%3DA_2020_meta-analysis_found%2Cincreasing_by_11%25_per_decade.?wprov=sfla1

Yes, there is a well documented mass extinction occuring as a result of human activity. It's commonly referred to as the Holocene extinction or the Anthropocene extinction. It's affecting many species of animals, not only insects.

I see this meme a lot but is there any actual truth to it?

Effectively, yes.

Denmark: A 20-year study measured the number of dead insects on car windshields on two stretches of road in Denmark from 1997 until 2017. Adjusted for variables such as time of day, date, temperature, and wind speed, the research found an 80% decline in insects. A parallel study using sweep nets and sticky plates in the same area positively correlated with the reduction of insects killed by cars

United Kingdom: In 2004 the Royal Society for the Protection of Birds (RSPB) asked 40,000 motorists in the United Kingdom to attach a sticky PVC film to their number plate. One insect collided with the plate for every 8 kilometres (5 mi) driven.[2][3][4][8][11] No historical data was available for comparison in the UK.[12] A follow-up study by Kent Wildlife Trust in 2019 used the same methodology as the RSPB survey and resulted in 50% fewer impacts. The research also found that modern cars, with a more aerodynamic body shape, killed more insects than boxier vintage cars.[13] Another survey was conducted in 2021 by Kent Wildlife Trust and nature conservation charity Buglife, which showed the number of insects sampled on vehicle number plates in Kent decreased by 72% compared to the 2004 results.

It kinda is. I used to constantly get bug splats all over my car, but as of the last year or two I don't have nearly as many. I've noticed that I spend less time when washing compared to then. What makes it even more worrying is I drive a lot more now.