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You are absolutely right. I just changed the license to ELv2.
That isn't open source either.

As far as I know the most restrictive open source license is the AGPL, with a CLA that allows for commercial dual licensing.

ELv2 is not open source either.
It is not OSIĀ® Open Source Definitionā„¢ approved, but it is open source for the common use of the term.
The accepted term is "source available".

Restrictions on usage type are not commonly accepted as open source by any community that I'm aware of.

That is according to OSI. OSI does not get to dictate the english language.
I don't say it to be pedantic about the term, but there are hard restrictions on usage of this tool in commercial environments.. So it's important people are aware and don't just assume it's an open source.
Right. OSI tried to use their authority to make it seem like AWS's strip mining of the open source ecosystem was the moral high ground. HN has a lot of wishful commercial operators who side with AWS. So they use "open source" lower case as a weapon to harass the open source developers. Personally I tend to side with the developers who try to figure out a way to keep their projects viable.
if you want to call it open source, why not consider AGPL?
I genuinely recommend putting something like AGPL if you wish to go towards Open Source route.