I think he is too dismissive of company time though. Company time is very straightforward only if you work 9-5, but a lot of companies let developers work flexible hours and work from home, which I think makes company time less straight forward. Then when you add on call or emergency work you have to do off hours or on weekends (even once every 6 months) it makes the idea of "company time" even more vague.
EDIT: May be a bit less narrow than I thought. This [1] journal article cites some relevant case law.
[1] https://digital.law.washington.edu/dspace-law/bitstream/hand...