As Catholics we have to read keeping in mind “what the mind of the church has ALWAYS taught”. Therefore, my answer to you is yes, I agree with your reading of that line. Now, what are you trying to say that in any way conflicts with everything that I just gave you, I don’t see it?
You jumped on me on a previous occasion for using the term "Christian" to refer to non-Catholics. Here, I see Pius XI doing the same thing.
Therefore I expect that in future, there will be no quibbling from you when I do likewise. What's good enough for Pius XI is good enough for me.