Hi Craig,
You are reading everything correctly, but the report is more generic and supports any kind of configuration to reserve HA resources, although we do have all necessary options to make the report work for your case as well.
We already have a special report "Host Failure Modeling" which even when you don't have this option verifies that your cluster has enough resource to withstand host failure.
Also in the Capacity Planning report you can change the default threshold to match your Admission Control Policy, looks like in your case when all hosts has the same amount of Memory and CPU resources, the threshold for full one-host reserve is going to be 66%. I would recommend to use 60% so that you have some room in terms of available resources.
Let me know if you have any other questions regarding capacity planning or any other Reports in Veeam MP.
Thanks.