> Would you consider the sliced and bagged bread to be ultra-processed, but not a whole loaf of basically the same thing?

"Ultra" seems subjective, but sliced bread is objectively more processed.

The mistake is assuming that "processed" is necessary a good measure of nutritional merit. A freeze dried turnip is more processed than a piece of raw honeycomb, but I'm pretty sure you'd give yourself diabetes eating honeycomb all day long while binging on turnips should be fine.