As a former Lyft/uber driver this is absolutely correct. It gets even hairier: suppose you are sitting on both apps (or even more) waiting for a ride. Do you get to double-bill two companies for minimum wage hours?
I think what is going happen is if Uber and Lyft are forced to recategorize as employees, they get to do something like "compel drivers to wear a uniform", so like a polo with the brand on it, and prohibit wearing of competitors logo. Or prohibit displaying competitor logo on the car (displaying is a legal requirement in many jurisdictions). In the end the take-home for the driver is going to be worse.
I'm quite frankly surprised that Uber didn't preempt the legislation by creating a class of driver that is an employee, putting these sorts of onerous restrictions on the driver, plus other ones like "you must start and end at central processing center, drive an uber-owned car", "requiring shifts on ADA-compliant vehicles", "being required to comply with an uber-generated shift schedule", in exchange for bare minimum wage and benefits.