I know that you have a lot of experience, but I beg to differ with you.
In my first cycle, I lost fat and gained muscle. I did eat enough protein. But that can only happen if you don't eat enough.
In a recent poll, 2/3rd of the responders agreed that you can lose fat and gain muscle at the same time. That would happen only if you eat less.
In my second cycle, I have not been eating enough. But I have at least not lost any muscle and definitely have lost fat.
Probably, the effects are different with short term use compared to long term use.