Let’s start with a few truisms. There are no - and cannot be for purely practical reasons - any RCTs showing life extension effects of exercise levels in humans (as is true of nutrition and other impractical/unethical lifelong RCTs). All we have is mortality benefit studies - one of which you have cited (PMCID: PMC6324439). That leaves us with population observation studies and studies in animals.
There are no animals studies which show exercise benefits on lifespan. There are however multiple studies showing no benefit of exercise on lifespan, though pretty consistent benefits on healthspan. There are even studies showing the opposite - exercise shortening lifespan, and not only in circumstances of extreme CR (see yt video below).
Here is an example of one such exercise vs lifespan vs healthspan study:
Life-long spontaneous exercise does not prolong lifespan but improves health span in mice
This is the general consensus about exercise and lifespan vs healthspan, summed up in the observation that “exercise does not extend the survival curve, but squares it”. So basically, if you have a group of animals who don’t exercise, you will have them gradually die all along the timeline, with only a subset making it to max lifespan; whereas with exercise, you will have many fewer deaths along the timeline and the majority making it to max lifespan. But they do NOT extend beyond that - only genuinely max life extending interventions like CR, rapmycin and the like accomplish that. From animal studies we observe a strong effect of exercise on healthspan and no effect on lifespan.
Any study in humans showing longer survival for increasingly fitter individuals is simply recording something that I have flagged repeatedly: exercise lowers premature mortality risk. With increasing levels of exercise you have ever lower risk of premature mortality. However we can look at effect sizes as you do. What accounts for relatively large effects from lowest to highest exercise levels? Humans in studies are not animals. There are tons of confounding factors. So great are the confounders that one can ask whether exercise confers any benefit at all (see yt video).
But the biggest factor is that in human populations, exercise is a compensatory factor for a host of health adverse behaviors and variables such as diet, substance use, work conditions etc. Take two groups of people with the same SAD diet and health habits and exercise one of them and all of a sudden you have exercise compensate for a number of these (including calorie surplus which is almost universal). No wonder you have large effect sizes between those who have crap diets and unhealty lifestyles who are driven to premature death and those who compensate for those problems with exercise (even discounting healthy user bias), with exercise having salutary effects on a huge number of variables including compensating for poor sleep. With animals, you remove most of these deleterious factors and the compensatory impact and suddenly the effect sizes (on healthspan) are much more modest between no exercise and high exercise.
Now do the reverse. Take humans and put them on a good diet, with good health habits (sleep etc.), slim, not overeating, not abusing drugs and not genetically unfortunate (congenital diseases as well as medical vulnerabilities such as CVD and T2DM) - this group of active (i.e. not sedentary) non-exercising people will survive to the oldest old in large numbers just as mice do and exercise - regardless of VO2Max - will not extend that lifespan (although again, exercise will further lower premature mortality risk). That’s the distinction you are likely not accounting for - like for biohackers on this site, who are already optimizing health, most likely dropping exercise levels (i.e. maintaining just the bare minimum) will leave them no worse off wrt. longevity (although again, with higher mortality risk).
Further illumination is provided by population lifespan studies. Despite the general health of a population being pretty questionable, you still don’t have elite athletes (highest VO2Max) outlive the general population by more than 2-3 years in most studies and 4-8 years in some (country dependent - less advantage 2-3 years - in coutries with long life expectancy and more - 4-8 years - in countries with short life expectancy). That doesn’t say much for exercise - odds are, you can get those 2-3 years with much lower exercise levels (and VO2Max), but dialing in the commonsensical rest, diet, sleep, no drugs etc.
To sum up: if you are the average slob out there or have an unfortunate genetic burden, by all means exercise to the point of lunacy, it’ll do you a world of good and allow you to live longer and better. But if you are a responsible health oriented person in good health (most on this site), you can do with much lower levels of exercise and be none the worse for it.
Then there are conflicting studies even regarding premature mortality risk reduction with more exercise vs less exercise (like the Copenhagen jogger study where truly low miles and surpisingly slow tempo handily outperformed(!) ACM vs more miles and greater speed… so not only is more exercise not better, it is worse for ACM!). Then there are studies showing no disadvantage of very intense exercise and even advantages vs low exercise. And so it goes, none definitive proof.
I could go on and on about all this, but there are alas always time limitations (and so I am not going to comment in detail about the study you referenced), but there is a genuinely rewarding watch you might want to look at, one which is stuffed with reference studies that are quite illuminating (I encourage anyone interested in the topic to give this a look). The studies mentioned around 4 minutes in will blow your mind! Only 7 minutes long!