I think it's romantic nonsense. I think the word "art" is nonsense about 98% of the time. It's no more than a way to justify crapping your life away.
It can't be absolutely horrible because it's art, and all "art" s worthwhile.
The only proper way to live your "art" is by living a good, worthwhile life that has nothing to do with art. You get up, you g outside, you travel, you meet people, you do real things lie a job, like climbing a mountain, like skydiving, like eating at a new restaurant, like getting involved in politics an you local community.
Then, when you have lived a real life, you write about it, or you paint it, etc.
Writing is no damned different than crocheting, building birdhouses, or sewing. It's just something we do because we enjoy it. When it gets to be more than this "Art" has nothing to do with it. Now you're talking about the writer, not the writing, and ho he justifies what he's doing. Most often about how he isn't failing because the only failure is quitting, and it is, after all, art.