That's all 100% spot on (IMO anyway)...in addition to what others have said about the fight now going on the fighters' records.
In further addition though, state commissions absolutely do not like to sanction pairings that are considered big mismatches. They won't sanction a flyweight taking on a heavyweight. In this case, Paul vs. Tyson represents the biggest age mismatch in boxing history. So while I don't deny validity to the argument that the larger gloves are for the protection of the fighters (if you want to argue moreso for Jake Paul's), at the same time, the toning down of the punching damage and round times could also have been needed in order to get the fight sanctioned by the Texas state commission that was needing something more in order to give a legal go-ahead to the mismatch proposed.