Yes , your observations are correct. Because we only have a few months of Live trading, I can not confirm this will not happen. The EA default settings would prevent a total account wipe out, but it could be a ~20% loss. And, it only takes a few of these to have a really big ouch. All I can say is if you run v2 on FXDD live account and start the EA when this myfxbook account has no open trades, you are running the same trade signals as is being posted on myfxbook.
"Steady Equity Growth" is the name of the game.