The key difference is that your PRNG could be cryptographically secure even though X < Y. It turns out that Y ≈ 226 bits, and so it's plausible that your cryptographically secure RNG would have X = 128 bits, for example, even though I'd typically expect a larger number.
People often conflate entropy with security. A random number source could have high amounts of entropy and be insecure, while a random number source with less entropy could be very secure. Or let me put it this way: entropy is necessary but not sufficient for security.
It is not the case that using /dev/random somehow gets you an information-theoretic security level that /dev/urandom doesn't.
I was thinking, "Oh, the mixing is good enough for practical use." But that's not what information-theoretic means.
I was thinking, "Oh, assuming the entropy estimation works." But we know it doesn't.
It was a stupid argument. But then again, /dev/random is stupid. Nobody gives a damn about information-theoretic security, and we don't have it anyway.