Don't TV networks routinely do this? They call it, "edited for television". Even more often, they simply "bleep" words.
As to "no right", does that mean I should be sued for blacking out certain words or phrases in a book I buy and give to a (ahem!) 'person of tender (y)ears'?
What about custom paint or other after-market modifications to "the copyrighted work" of the auto designers/companies? Tell me that THAT doesn't "alter" another's work! Or, is it only entertainment copyrights that count, under this 'no right to alter' doctrine of yours?
"Don't TV networks routinely do this?"
No. The filmmaker prepares a TV version, selecting the cuts himself. It's part of the DGA contract. What these other companies have done is unilateral, and a violation of copyright law.
And don't forget the edited for airlines version. I've often wished there had been a section at Blockbuster just for airline versions of films.