I guess there is always an exception to everything because I do manage to make a fair wage from flight instruction.
I specialize in large flying boat training on the PBY Catalina and it usually involves travel to another country.
My hourly rate is 250 Euros per. hour plus all travel and living expenses. I also have a two hour per day minimum charge unless weather or some other unforseen problem prevents us from flying
I used to charge in USD but the dollar has fallen so I now quote in Euros and convert.
As a part time sort of hobby I also give advanced flight training in my Aerobat Texas Taildragger for which I charge $150.00 Canadian per hour.
For those who wish to fly floats I have a deal with a school and I get $50.00 per hour for instructional time.
So I guess it is possible to make some money instructing but you have to speialize in something that is not easy to find.
Chuck