Actually life needs complex elements that only form in neutron star collisions(kilonovas) It could have been that the universe needed to be a couple billion years old before the elements that could create complex life actually came into existence. Everything else is pretty accurate, and I do think interstellar travel will end up being impossible, even terraforming other planets seems like it's a couple thousand years away.

As far as earth-like planets being rare, even if they are only 1 in 10,000 there would likely still be tens of millions in our galaxy alone.