You are not correct and may need to take a closer at the rules around what is considered a change or cancelation as well as accepting a credit rather than a refund. These are where the QF rules become tricky and are two very different things.
When the Feb 20 DSC offer came out I asked a question which I assumed most would glance over seen
here @CaptJCool provided the answer and it would seem that a few jumped on board with the idea. Fast forward a few months in a post Covid break out I had 20+ QF flex (Y) flights (BCI-LRE) that were only booked as they were cheap and could be changed or converted to credits without a fee. In May 20 I started combining these into domestic J bookings and then cancelled, the only cash that was not returned was the CC fee for some bookings only. The $99 cancellation fee was never applied when cancelling the J booking.