Not only is that the most reasonable interpretation of the words, it's the one he explicitly gave when asked [0]. The only way to arrive at the alternate interpretation is to be coming from a place where you already assume Trump is a threat to democracy.

I think there are reasons to have arrived at that place (Jan 6th), but this quote is not evidence for it unless wildly misinterpreted.

[0] https://www.theguardian.com/us-news/article/2024/jul/30/dona...