That may indeed be the intention. IANAL but I wouldn't trust the broadly worded "providing any product that competes with the software or any product the licensor or any of its affiliates provides using the software" to mean that and only that.
Here's a list of the PolyForm licences[0] with the 'PolyForm Shield' one being used. I would have expected the 'PolyForm Perimeter' to be more of the open-source type license, based just on those summaries than one that protects the 'provider' from competition.
Here's a list of the PolyForm licences[0] with the 'PolyForm Shield' one being used. I would have expected the 'PolyForm Perimeter' to be more of the open-source type license, based just on those summaries than one that protects the 'provider' from competition.
[0] https://polyformproject.org/licenses/