For example I'd argue that wheat flour and subsequently bread or pasta are in fact very highly processed, and carb bombs to boot, but nowhere near as bad as some other stuff out there.
Or take soy protein nuggets. As ultraprocessed as it gets, but probably healthy if anything.
It's a really complex topic and I feel lkke any sweeping generalizations are bound to be misleading in some ways or others.
And until we control for the proxy it's meaningless anyway. UPFs have a big problem in that people tend to consume too much (the expected endpoint of companies engineering for what people buy) and that causes a whole host of health problems. I haven't seen anything meaningful that differentiates UPF from overconsumption.