Yes. The default settings on most monitors are unusable for reading. Calibrated reference screens for print reproduction are approaching 120-140 cd/m^2, which tends to be in the 20-35 percent rage of most monitor brightness settings (if the implemented brightness curve of the monitor scales lineary; not the case with some Eizo‘s. These use something akin to an inverted gamma 2.2 to compensate for the nonlinearity in brightness sensivity of humans) 120 cd then looks somewhat like matte paper. Ideally, this should shift up and down with the brightness of the environment the screen is put into. That is why most serious photometers/colorimeters include ambient light sensors and consider the results during calibration.

It's "too bright" because 100% white is being used and covers most of the screen.

When most displays blast intense white light in your face at normal settings, it's not a screen brightness issue, it's a content brightness issue. Solved with controls such as dark modes, reading modes and options for users to customise. Obviously a lot of users prefer the full contrast experience, but many don't. Providing user choice is best strategy.