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That reads more like:

- site owners can have protection as long as it doesn't inconvenience me.

Close.

Replace "me" with "legitimate users" and replace "inconvenience" with "very aggressively inconvenience or entirely block".

Then yeah you have it.

I mean, yeah that is what it is. You can have “protection” or you can have me as a customer. I am not here to solve broken CAPTCHAs all day long.