You're not wrong with your points, but these are mainly to do with an industrial society in general, not automation specifically. Most of those points are also true for the good ol' steam-powered factories and pure mechanical processes. The main difference was that more human labor was exploited instead of automated processes today. In the end, industrial systems are always linear. Things go in on one end, such as fuel, raw material, parts, and goods come out on the other end, together with a bunch of waste that's always somebody else's problem to deal with. Many push for circular solutions, and they do exist, but basically if it costs any money or effort it's not implemented.

Capitalism replaced old feudalism and in turn capitalism will be replaced. However you do need to replace it with a system that can feed several billion people. Although these systems are not just invented. They grow out of things people found out that kinda work.