Well, for the most part, that's the accepted interpretation. We just don't value non-human well-being as much as human well-being (which I think given the current species involved is acceptable). The problem is the difference in how we value non-human well-being between different subsets of the population causes strife between those subsets. I believe very few think it's alright to torture an animal for no reason, but to kill an animal (preferably with little pain) for food is acceptable to the vast majority of people. The many levels in-between those are where most people start having problems with the actions of others.
And when it comes to non-fuzzy animals, the gloves come off. We have massive industries to exterminate insects, fungi, bacteria and so on. Even fish are hardly protected. If we could perform genocide on some of them, we would.
Sure. Generally because they have their actions have a negative effect on our happiness, and we value their happiness so lowly that our loss in happiness overwhelms any concerns we have about theirs. We allow the raising of animals for slaughter because it affects our happiness so positively that we ignore that we are actually killing them at the end, and placate ourselves with platitudes about them having a relatively easy life up to that point (which historically was true).
I feel this keenly, being a meat-eater myself. Affordable (and hopefully palatable) lab-grown meet can't come soon enough.
