I think a reasonable interpretation is also that what you are saying is correct, that doing all that does indeed infringe others' copyright, but that a fair use defense is valid.

I won't be particularly thrilled if that turns out to be the case, but I wouldn't be surprised if it does.

But as you say, we won't know until it's tested in court. And even then, often court cases around a complex topic like this will end up with a ruling that only clarifies a narrow aspect of it. So it might take many related court cases before we have a pretty good understanding of where the law stands. And then, of course, the law could change.