For me, I love meat, makes it easier to buy the 'better' processed food having this option.
If your supermarket doesn't have a vegi option than I can't buy it, try it etc.
Honestly it's just a good rule of thumb to use. Even if it's not 100% true, you're better off acting like it's 100% true in the end.
Edit: cancerous -> carcinogenic
Chemically it breaks down to sodium nitrate and has the same carcinogenic nitrates. Its just a legal labeling loop hole.
When the processed food tastes as good and as fresh as the one you cook in your house - why not. In the case of European plant-based meat, this is the case.
Congratulations, it's processed. Worrying about something as nonspecific as "processing" is much the same as worrying that it's made up of chemicals.