I'm not a lawyer, nor do I have the full context of the legislation you're quoting, but my interpretation of that paragraph is that it only applies to aircrafts that are carrying passengers.
. . . in the air space in possession of another, by a person who is traveling in an aircraft, is privileged . . .
You're the one who does this for a hobby, though. I'm sure that you know the laws more than I do :)
But the real questions is, can we change them?
Imagine this: