Doctors say things in general terms for patients, and often this communication is less than ideal. Sometimes the doctors themselves don't understand the process well, and sometimes the patient elaborates upon a simple comment. It can get pretty murky at times, therefore.

"light" insulin? Well there are basal insulins like Levemir and Lantus and they work all day long. Some may consider this method of action "light" since it is independent of food intake.

Then there are Bolus immediate insulins you have to inject after
every meal. Some people may refer to this as "heavy" insulin or "real" insulin. Humalog and Novolog are examples. Type I's need this all the time, because the pancreas is broken permanently.

The word used for your acquaintance is not exactly accurate.

If he damages his pancreas enough, it won't work anymore.
But it is possible he could recover. (if he is motivated to).
People with severe pancreatitis begin to spill enzymes into the abdomen outside the GI tract which is what really ends up killing them. (they digest themselves in effect).

The bleeding issue is also critical... this is how alcoholics may die. This is because the liver is too damaged to make the proper proteins for blood clotting any more. When this happens the patient bleeds out eventually and dies. One of our cousins upNorth is an ER physician and she has told us how many of these desperate patients end up. She said eventually platelets and other interventions don't work, and doctors watch these poor souls bleed to death internally mostly.

This bleeding problem, therefore is indicative of liver damage.
That may end him before the pancreas issues.

Some people though are very tough. We had a neighbor who was a huge drinker. He drank a whole fifth of vodka once at our house at a party, we hosted, in 3 hours (this was over 30 yrs ago)! He lived to his mid fifties, with a terribly red face, unable to work, and living with his mother. I can't imagine how he lasted as long as he did. So some people and last a long time, and other not. It depends on how the body reacts to the chronic poison, which is what alcohol is.