I don't work in game development, but I do work in software development for a large company (I used to be a tester for years, but my current role is a Product Owner for an Agile scrum team), and my experiences pretty much align with this. We just finished a project on 12/8. Deployment date? 12/10. That's unheard of to be working on code that late into the game. Technically we were past hard code freeze date, but you do what you gotta do for high profile projects.
There is never enough time for testing. Ever. And you will always be scrambling to meet deadlines. High sev show stoppers get the attention, and the rest may go out with the final deployment. I've heard that in the gaming industry, the environment is even worse for testers and devs to get things done, and they are often treated poorly.