Yes, it’s exactly what you think.
There comes a time when after years of mistakes and challenges and work-arounds that you know some of the miscues, some of the bunny trails, quite a few of the misguided “tips” to avoid. You are now WISE! Tada! You see someone heading down the wrong path and aha! you can help them avoid that trap that you ran into 20 years ago. You see someone about to make a disastrous decision and you can step in and show the consequences of their decisions. Given this vital information, they might make a better decision. You see someone taking advice from someone who’s out to defraud them, or is completely ignorant of the subject (read “I found it on Facebook so it has to be true”) and you have information that would clear up any misdirection.
For the love of everything holy, DON’T TELL THEM! Keep the information to yourself. Do not offer any advice. When consequences go unchecked and they find themselves in a deep dark hole, do not say “I told you so!” When you see your friends, relatives, heck, even enemies heading off the path, wave and wish them luck. They don’t see any benefit to your being older, having more experiences, having more information, having more success. They are not unintelligent. They are ignorant. They have the information they need, they just ignore it. Then they pretend that they didn’t ignore it and that the information, though valuable, was not timely or indeed was not even plausible.