That's a pretty stark summation of it.That the threat is not in fact just humanity. Or just the machines. That one leads to the other, leads to the fusion that is post-humanity. Man x machine hybridization, engineered evolution. That both man and machine, and the cycle they enable are the threat to mutants.
In her next life, she immediately sets out to annihilate the Trasks. Cut off the Sentinels at the knees. Prevent the technological leap. Sentinels keep mutants in check long enough for humanity to develop Nimrod. Nimrod keeps them in check long enough to perfect post-humanity. Any of the three means the end of mutants. So she tries to take the machine out of the equation. No Sentinels, and maybe mutant society takes off fast enough to keep ahead. To push humans to extinction naturally and take their place as the successor species.
It doesn't work. The technology is always developed, by someone, somewhere. The cycle continues.
So tries to start, and win the war early, with Magneto. Before the tech is in place to establish post-humanity. Before Nimrod. It doesn't work. So she tries to eliminate humanity altogether, with Apocalypse. No humans, no man x machine hybridization. No post-humanity. It doesn't work. The machines advance too fast, humanity can't be overwhelmed.
Life Ten. Krakoa. The carrot of medicines that can cure disease. Heal the sick and the mentally ill. Stall human research and technological advancement. Make them dependent on mutants for their very health and future. With the Mother Mold destroyed, Nimrod doesn't come into existence. Mutants have bought themselves time.
This is what has changed: mutants now understand that they have been wrong about the very nature of their struggle. They are NOT the inheritors of the Earth, the next stage of humanity. They are the natural development that simply cannot compete with the technological, the random and varied mutation that cannot hold a candle to developed, planned and engineered augmentation. Magneto thought the world was theirs by right, that time was on mutants' side. Xavier thought mankind could be taught to peacefully go into that good night, smiling their way into extinction knowing how awesome their mutant successors are. That time is on the mutants' side.
But time is not on their side. Time is their enemy. Each day that passes is one step closer to an engineered humanity that no longer needs mutant development to accelerate their evolution.