None of what you said is wrong, but it also doesn't refute the central point: current WEC regulations are very much designed to make the LMP1 hybrid formula the premiere class. While there is a non-hybrid LMP1 formula, it is a distinctly lower performance class which exists to accommodate privateer teams who can't afford a complex hybrid system.
The technical regulations are significant in any racing formula, but the LMP1 rules are carefully balanced to prevent the dominance of any one technological approach. Diesel engines have been significantly gimped in recent years to curtail the dominance of Audi.