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Your assessment is mostly correct. The fact that the CEL came on shortly after startup would suggest a secondary system leak or blockage such that extra air isn't being pumped into bank 2. To your questons...
Yes, the secondary air system is to reduce emissions during the first 90 seconds of running a cold engine.
Yes, the errorsdon't materially affect performance or reliability
Yes, problems can be hard to diagnose, but more experienced shops can do a pretty good job of it.
No, I wouldn't say a lot have people have converted their cars to ROW (rest of the world) settings. There are a couple of reasons for saying this. One, converting the car to ROW settings can lead to one failing the smog test in certain states. Two, it's hard to do without the proper computer to re-program the ECU.
My advice. Clear the code and see if it stays off for an extended period. The ECU doesn't monitor the secondary air system for several driving cycles after the codes are cleared. So it can be a few days before monitoring begins again. If the CEL stays off, then it might have been an anomaly. If it comes back on, find a good diagnostic shop and ask them if they can vacuum test the SAI. This is different than trying to find a leak. If the system holds a vacuum, then the problem is more likely a blocked air line. If the secondary air pump itself isn't working, don't buy a new one because they are outrageously expensive. Buy a used one from a dismantler for about $200 bucks.
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