You raise a good point that it would be useful to report the "cumulative" risk for people previously infected.
However the goal of this research is specifically evaluating risk of reinfection, not the cumulative risk of SARS-COV-2 infection. The fact is that a vast majority of people survive initial SARS-COV-2 infection, so the pure risks associated with reinfection are also equally useful to know.
The decision to focus on delta infections does impact the OR estimates for vaccine effectiveness as you mention. But again this was one of the primary research goals of the paper - to evaluate the risk of reinfection by comparing natural immunity to vaccine-induced immunity in the context of a variant with mutations conferring immune escape.
> the variants that provided that natural immunity are not "dominant" anymore
This was controlled for in the study by censoring data based on the date of previous infection.
> The trade-off is that natural immunity has the "side effect" of actually having to fight off and survive the illness?
Yes, and people need to stop interpreting the title and cited paper as a manifesto against vaccination. Rather, the study provides valuable data on the efficacy of natural and vaccine induced immunity in the context of evolving variants, which will be useful in guiding public health policy and also formulating next generation vaccines that improve upon the current formulations.