Agreed.
To me, players grade means something irreversible has been done to the instrument, fundamentally and permanently reducing the desirability as an original example.
A refinish or body route alone would render an instrument “player grade” for me.
A combination of “lesser sins” such as changed tuners (worse if extra holes), changed electric components, might attract the description player grade, but if so, there is hardly a vintage Fender ( I’m concentrating on 60s here) that is fully original, without some minor component, or frets replaced.
It is a simple matter to substitute components like-for-like with period replacements and it isn’t too great a concern for me as a buyer. If a seller volunteers such information at the point of purchase, my confidence in the integrity of the instrument is enhanced. I’m still taking it apart, of course..