That's some reasoning that I mostly agree with.
'Negligible' is being used subjectively here. Is a five-fold enrichment still negligible? When is it not? Is 4-5% argon negligible? It sounds like a matter of opinion.
Fortunately the hopcalite in any decent filter system would convert away any enriched CO, should it ever occur. The most dangerous of possible contaminants.
Not so sure about CO2, I would guess this does get concentrated, though 5x of 400ppm is still 'just' 2000ppm (but a multiplicative ppCO2 effect at depth)
In the context of rebreathers particularly, the argon does matter, thanks to
@Tracy for hinting at that.