You've basically come up with four criteria that describe the use of the word "signal" in a highly specific context - traits that exist for pure signalling purposes in evolution or game theory - and then decided, arbitrarily, that this is the one true meaning of "signal." I do not think you have provided adequate evidence or argument to back this claim up.
Aren't you arguing over definitions here? If he had defined a wholly new term as having that meaning, would your objections still apply?
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I echo people's comments about the impropriety of the just-so story.
The analogy is problematic. At best, it proves "there is an possible circumstance where a fairly poorly thought-out instrumentally rational belief is inferior to a true one. Such an example is fundamentally incapable of proving the universal claim that truth is always superior. It's also a bizarre and unrealistic example. On top of that, it actually ends in the optimal outcome.
The actor in the hypothetical likely made the correct utilitarian decision in the terms you assume. The moral thing to do for a drowning person is save them. But if you saved these people, you'd all die anyways. If you don't save them, it seems like they'll almost-drown until they pass out from exhaustion, then drown. Or they'll be killed by the approaching deadly threat. So without more information, there is no realistic possibilitythey survive anyways. This, you actually did the right thing and soared yourself the emotional anguish of making a hard decion.