I know this has been posted in a variety of ways, but it seems like I keep finding contradictions.

Here is my understanding of user manager and hotspot session limits:

My network:
RB493AH with LEVEL 6 License and User Manager Installed (Unlimited active UM sessions is possible)
RB411AH with LEVEL 4 License and Hotspot, using User Manager on my LEVEL 6 device for authentication (200 active sessions, all authenticated by UM on RB493AH is possible)

Can someone please correct me if I'm wrong?

Thanks!

That is correct. You can have 200 Hotspot sessions on the level 4 device, all authenticated by the level 6 device.