Hmmm, it looks like you might be right. I tried it earlier with one in a private window and it worked twice, but when I just tried again it was invalid/expired (though the email is 50 minutes old).
And I certainly agree that if the server is compromised you've got more problems, but in the IEEE example the server wasn't hacked they just made a mistake by making the logs available.
Edit: yup, I must have made a mistake (not closing private window or using non-private window) in my test.