It is hard to be absolutely 100% certain I agree, and I want you to be wrong for the same reasons :-).
My counter arguments would be:
But in addition, it allows you to search through and handle a bunch of different data, in a database way.
Yes, but it is not using any other Windows services for searching through the files, it is using its own code, and the Windows file system, that is all - same as an FTP server. It is allowed to use its own code to do things with the list of services otherwise even writing an FTP server would be impossible. (I do know how to write both a VMS server and an FTP server from scratch - at a top level they are very similar - a request comes in, process that request in C++ code, retrieve data from the File system and send that data back again to the client.. at a top level, they are very similar)
Not only video, but also metadata like movement, errors, bookmarks etc.
These are sometimes stored by the VMS Server directly in the file system ( from recall, I do not think Exacq uses a database engine ????) but also admittedly in databases in many cases, but this doesn't matter - see below...
...and the list "file services, print services, internet information services and internet connection sharing and telephony services" does not include databases, even as I try to read between the lines.
That is because Windows doesn't offer any builtin Database Services, they are not part of the operating system and not covered therefore by the EULA. For example SQL Server and dozens of others are installed separately - and even for their main functionality they only use File Services. They are only restricting you to using the Services in the "licensed software" - Windows in this case, not Services that can be written as applications that run on Windows. You can use a third party database, write your own, it amounts to the same thing, A bunch of instructions that run on the CPU that uses only the File system services in Windows - that is all a database is in most cases. Even SQL Server standard edition supports running on Windows 7. No one is going to buy SQL Server standard edition for Windows 7 is they can only use it for a single user are they?
I read that list as the stack of services client versions of microsoft operating systems have supplied all the way back to win98, and partially back to win3. File sharing, printer sharing and name serving in a local workgroup trough the smb protocol. And in addition internet connection sharing from the time when phone modems connected the computer to the Internet. It is simply the minimum stuff Microsoft supply you with, to make a small business establish a resource sharing network without a windows server.
In that case 2d (iii) would read:
You may allow up to 20 other devices to directly access the File Services, Print Services, Internet Information Services and Internet Connection Sharing and Telephony Services.
but it actually says:
e. Device Connections. You may allow up to 20 other devices to access software installed on the licensed computer to use only File Services, Print Services, Internet Information Services and Internet Connection Sharing and Telephony Services.
I take that to mean it is Ok to access any software written by a third party running on the OS, so long as the functionality that the 3rd party software is providing to the client is only using the File System, Print Services, etc. In this respect a VMS server is identical to an FTP server.
Windows 10 is even worse, as you are not allowed to install windows 10 on server hardware.
I could not see that in the EULA, but it doesn't matter anyway. I am not sure how you would define Server hardware anyway. Traditionally they limit the client OSs to how many cores/CPUs/memory they can scale to, so for example you couldn't run Windows 7 on a 32 processor machine at a data server -or you could, but it might only use 2 CPUs, and the other 30 sitting idle. I agree with MS on that one, but you don't need such high end hardware for a VMS.
It would make me feel a little bit easier if they had included "Network Services" in their list of services, but I am still going to sleep easy tonight.
If what you are saying is true, then lord knows how many companies in this industry and others would be violating their License agreements, It surely would have exploded years ago.
Ultimately, though, if you are really concerned, maybe get a lawyer to check over the arguments.