Yes, exactly. The license clause can only be enforced because of copyright law, and fair use is allowed for by the copyright law. The rights given to you by the law supersede anything a license says, because without that law, the license would be completely meaningless.

(In theory, the reason EULAs work is because when you run the program, you are copying it from disk to RAM. This is why they are believed to be very shaky, as copyright law does not specifically consider copying from disk to RAM inside a black box to be "copying".

The GPL is on firmer ground, because it covers copying for distribution to other people. That is a situation that copyright law is specific about.)