Our econnomy is heavily tied to the Internet at this point. Billions in commerce are conducted directly and many billions more in enabled (“what’s the closest pizza place?”). Not to mention stock trading, banking, government services, healthcare, etc. You’re very much on track here and I don’t think it’s hyperbole.
While it could technically happen that our government could legally shut down the internet, it wouldn’t last long or it means we are under attack (perhaps internally) and need to control damage/messaging.