I don't think your interpretation of the situation is incorrect, but I just disagree that it's something to worry about right now. Everything around Arena is still very questionable. Like if you had to bet what would still be going in 2020:
-Legacy
-Arena
-Neither
I would bet on neither first, then Legacy. Arena is still a huge gamble and Wizards, as you've said, is not historically adept with digital -- or finding alternative avenues to monetize MTG, for that matter. (That boardgame they put out a while ago was on sale for $10 at Target in less than six months.)
Hasbro is a global, publicly traded corporation that deals with international licensing and supply chain management, as well as the massive liability exposure that comes with selling toys. Their legal department surely can tangle with the big boys if needed. And I doubt there are any true big money players that are long MTG cards and care all that much about the reserved list protecting their investment. The kind of person that would actually be a threat to Hasbro legally could, or should, know of much better investment vehicles than a stack of Beta duals.
To the extent that they "fear" that breaking the reserved list would lead to a lawsuit, I would guess that Hasbro simply does not believe dealing with the small-potatoes lawsuits is worth their time. I doubt they worry that a finding against them would exceed the revenue benefits from reprinting and selling RL cards.
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