This is correct. Not making excuses, but in 2004, when the US version finally came out, Universal was in the midst of all sorts of restructuring and this "re-release" sort of fell through the cracks. Anyone who bought the USA version will note that it had a hype sticker that really promoted a new lower price:
That is indeed a crime. When the album came out, I tried to interest the program director of our AM nostalgia station to play it, but he felt that his audience didn't really care for Beatles tunes. He DID play the Karen/Ella medley. He also enjoyed "California Dreamin'" until Karen broke out with the drums. Too rough for his audience!
Here's a little look in to the session from As Time Goes By; Richard, bassist Joe Osborn and Richard's long-time copyist, the late Ron Gorrow working down some of the studio magic (password: nowhere2018). Also included is the brief explanation of the master transfer on California Dreamin':