Yup, you are mostly right.

I guess the people in my camp find the "it's just a next token predictor" stupid in that it's like saying "it's just a bunch of carbon and hydrogen", but it's also one of those things where people like to think they are clever because they think they are theoretically correct. But they aren't even that. So it's like double stupid. But the "next token predictor" part is at least technically correct (like, carbon and hydrogen right) for pretraining, so the debate can't really be won there.