That's what we are told is the purpose because otherwise we wouldn't accept its existence. In practice it doesn't work that way. The persistent story is that artists get very little compensation whilst whichever large entity is acting as the middleman for their copyright - often owning it outright despite doing nothing to make it - takes the vast majority of the profit.

It is a tool of corporate control, nothing more. Without copyright there would be no way a middleman could insert themselves and ripoff artists, take their money, and compromise their work with financially-driven studio meddling.

And the idea that the "spirit" of copyright is for artists, that completely falls apart when you understand that modern copyright terms exist almost entirely to profit one company's IP - Disney is just delaying the transfer of Mickey Mouse into the public domain. That's why copyright is now lifetime +75 years, or something ridiculous like that. That is not for artists to be compensated. Mickey Mouse isn't going to be unmade when that happens. If Disney can't operate as a business with all the time and market share they've built then they should just go under. There's no justification for it beyond corporate greed.

Also without copyright there couldn't be monopolies like Disney buying Fox, Marvel and Star Wars. That is an absurd situation and should be an indication that antitrust is effectively gone.

And as for artists getting paid, we're transitioning more and more to a patron model, where people are paid just to create, and release most of their work for free with some token level of patron interaction. You don't need copyright for that.