Traditional Catholics say the prayer is theologically accurate
The prayer is not theologically correct. Traditional Catholics, like conservative Catholics and Church Militant TV(CMTV) use Cushingism as a theology and they reject Feeneyism.
Feeneyism says there are no exceptions to the dogma extra ecclesiam nulla salus(EENS). Cushingism says there are known exceptions and they include being saved with the baptism of desire and blood or in invincible ignorance, all without the baptism of water, in the Catholic Church. Michael Voris and Ryan Fitzgerald at CMTV are Cushingites.
Cushingism is irrational since there cannot be any known case of a non Catholic saved without the baptism of desire in the Catholic Church in the present times (2015). So Feeneyism is still the traditional and rational theology.It is also a rational way to interpret Vatican Council II.With Cushingism LG 16 ( invincible ignorance) contradicts the dogma EENS with Feeneyism it does not.