They're definitely the worst region at the moment, and EDG, like you said, is pretty lacking for a top seed. Regardless, I wouldn't count them out of top 10 contention because their international placements hold a decent amount of water (many have pointed this out already). Their Madrid exit was very disappointing but I think you can hardly blame them. LOUD was playing very well and they suffered a comeback from GenG.
To sum it up, I think you are correct in 90% of what you're saying but to call any of the top Chinese teams cannon-fodder is not the best way to describe them.