The OP quote was originally written by Walter Maxwell W2DU and repeated by others in many places over the years. That is an incorrect theory. Combining powers from two waves of the same frequency depends critically on the phase relationship. Your critical analysis is valid.
One common misconception is that, when a power is reflected back along the feedline to the transmitter, that reflected wave is again reflected back at the transmitter's connector (output port). That is a blind spot of overly abstract thinking. The reflected wave reaches the final amp transistor and increases the collector's voltage swing, or increases the collector current, or some combination, depending on the phase of the reflected wave. Such a consequence will decrease the safety margin of the transistor's operation and may reduce the reliability or blow the transistor. The transistor or the transmitter is an active device that alters its operating point (loadline) depending on perturbation like this, instead of passively causing a mismatch. Therefore, the reflected wave is not re-reflected in any significant way as depicted in the OP quote.
Summary outlines of key criticisms of Walter Maxwell's arguments are cataloged by Steve Stearns K6OIK in the following slide deck on page 22 forward.
https://www.fars.k6ya.org/docs/Stearns_K6OIK-Conjugate_Match_Myths.pdf
Walter Maxwell wrote a book titled "Reflections." "Reflections III" came out in 2010. Its PDF version is found on the web if you search for it. It has 425 pages. This is a very long book. The book is an enormous fiction that uses "technical terms," some borrowed from circuit theory, some from other branches of electrical engineering, but many others make loose uses of analogies from mechanical engineering and other everyday concepts without giving rigorous definitions or proofs. His main concepts are the "conjugate match theorem" and the "maximum power transfer theorem." Those are not theorems because what's stated there is not true. The author took the concept and terminology of maximum power transfer from circuit theory, where the maximum power is transferred from a Thevenin source if the load impedance is the source impedance's complex conjugate (Jacobi's theorem later expanded to the AC cases). However, the author dropped or modified the premises of that last statement quite freely to build his theory. That is the common problem scattered all across his book. Some of the critical mistakes are described in the Stearns K6OIK slide above.
A repeatedly seen mistake in his arguments is the omission of phase components when working with phasor representations of the waves, as explained in the OP's question. Another is using theorems that hold only under lossless conditions to lossy conditions. Another is calculating the reflection coefficient calculated from one condition (e.g., before inserting or adjusting a matching network like an antenna tuner) and continuing to use that number after inserting a matching network as if the reflection coefficient is invariant of such changes.
Building arguments using faulty logic leads to untrue conclusions. Some of them are bizarre, like the quote that appeared in the OP question. Look at Appendix 6 of Reflections III. He argues that the power reflected by a mismatched load is then reflected again at the transmitter and added to the original transmitted power. He shows examples where a 100W transmitter can deliver greater than 100W power to the load by creative uses of mismatches. The author invokes those two "theorems" and mistakes of the kinds mentioned above throughout Appendix 6 and elsewhere in the book.
Additionally, I should add that real transmitters are not approximated by Thevenin sources. The 50 ohm impedance is a nominal impedance with which the transmitter is designed to operate and not the source impedance in the Thevenin sense. When you design an RF power amplifier, it is not that the final transistor has a specific output impedance, but the loadline is designed so that near maximum power along with other necessary requirements (efficiency, distortion, etc.) are attained. When the load changes, simply the load line moves, and the amplifier's output characteristics change. This is a significant discrepancy from the Thevenin source assumption.
Owen Duffy also wrote several articles criticizing Walter Maxwell's statements, with several examples. His main criticisms center around Walter Maxwell ignoring "lossless assumptions" necessary to make specific arguments but still applying to lossy cases, demonstrating that even a reasonably small loss can make sizable departures from what is predicted from lossless cases and ignoring Thevenin source assumption.
https://owenduffy.net/blog/?p=5399
https://owenduffy.net/blog/?p=6427
https://owenduffy.net/blog/?p=9092
https://owenduffy.net/blog/?p=11618
https://owenduffy.net/blog/?p=11631
https://owenduffy.net/blog/?p=11643
https://owenduffy.net/blog/?p=15863
https://owenduffy.net/blog/?p=16207
https://owenduffy.net/blog/?p=16629
https://owenduffy.net/blog/?p=19901
https://owenduffy.net/transmissionline/folla/index.htm
Duffy also discusses anthropomorphism and utopian depiction (e.g., attractively and incorrectly simplified theories and how impedance-matching amateurs wished to work) liberally blended in the "technical" arguments presented in Reflections. The errors are apparent when anyone with an electrical engineering background takes a close look, but the errors are so widespread and wrapped around with loose uses of undefined terminologies, telling stories that some technically naive amateurs love to hear; so many of those statements repeatedly and tenaciously repeated by other authors in amateur radio publications and internet forums.