> You may use or modify the software only for non-commercial purposes such as personal use for research, experiment, and testing for the benefit of public knowledge, personal study, private entertainment, hobby projects, amateur pursuits, or religious observance, all without any anticipated commercial application.
This severely limits the freedom to modify the software or even use it as only certain ways of modifying it are allowed.
> Notwithstanding the above, you may not remove or obscure any functionality in the software related to payment to the Licensor in any copy you distribute to others.
This limits the ability to modify the software in any situation.
> I do think it would be more accurate to claim that software with terms limiting commercial exploitation is “open-source” per the original definition, but is not in compliance with the OSI’s Open Source Definition (OSD)
No it wouldn't be. You can read all the things said regarding free software for more history since open source was per it's original definition merely a renaming of free software.