Okay, let's do this. A deeper analysis of the ratings and some of the claims against noting that OUAT is now the network's lowest rated series.
To start with, there's this idea that Friday night shows automatically are assumed to be lower rated and that this somehow negates the idea that OUAT being the network's lowest rated scripted means much.
The issue of Friday nights is complicated and depends largely on the overall consistent number a network does on that night, especially compared to their other nights, and demographics the networks courts and does well with. For example, CBS often courts an older demographic with many of their shows, and as such, it does relatively well on Friday nights in overall ratings, with the 18-49 demo being on the lower side, but still decent, especially as it's not as relevant for them. Hawaii 5-0 is one of it's top scripted shows in terms of overall ratings, and is about on average with the network's scripted shows in the demo. Blue Bloods is also one of their highest rated shows in overall viewers, and Macguyver does really good numbers as well, even though they're on the lower side of the demo. In relation to other networks, CBS does INCREDIBLY well on Fridays.
Fox and NBC are pretty middle of the road for Friday nights, with shows averaging between 3 and 5 million each week. ABC is the lowest rated of the big 4 networks, with its shows rarely cracking 2.5 million. So even if we're looking at it through some kind of "Friday Night" lens, ABC and OUAT's ratings are still low.
Furthermore, ABC is coming off of five years of having very strong Friday nights. Last Man Standing was among the highest overall rated shows on the network, and it's numbers in the demo (also not as important as ABC Friday night courted older viewers for a number of years) were decent, and other shows on the night did well, too. The cancellation of these shows was largely based around the network not being able to afford to shoulder the entire cost of production for Last Man Standing, as the deal with Fox had been that Fox would pay for production through season 5, and after that it would all be on ABC. The cancellation of that show led to the restructuring of the night and the decision to court a different audience. So if anything, these very low ratings, when compared to the strong ratings they had for years, is going to be a signal that this restructuring and courting of a younger demo (especially when combined with the numbers for other shows on the night) wasn't successful.
As for taking into account cancelled series... When it comes to a show like Ten Days in the Valley, which was cancelled a few months into the season and had its episodes burned off through January... it could enter the conversation, but perhaps not in a way that is favorable to OUAT, as it's average amount of viewers could have largely been impacted by the fact that it was moved to Saturday nights. It's overall average, including both the episodes aired on Sunday nights and the episodes aired on Saturday nights, ended with an average of 2.155 viewers. But if it had maintained its Sunday night average it would have been around 2.5-2.7, which would have either put it even with OUAT, or made OUAT definitively the lowest rated scripted series. Plus, the numbers that it got on Saturday nights aren't ultimately going to be particularly relevant as the show had already been cancelled at that point.
Another of ABC's cancelled series, The Mayor, did much better in the demo than OUAT and had a higher overall average viewership. As far as I can tell, The Mayor and Ten Days in the Valley are the only scripted shows that have been cancelled so far, with both Scandal and The Middle ending. (And, technically, I don't know if The Mayor and Ten Days in the Valley have officially been cancelled, but they're clearly not getting another season). Of all the shows that are currently ending this season, only one officially had lower ratings than OUAT. So even if we are bringing "cancelled" or ending shows into the discussion, it's not exactly a good thing for OUAT, but they really aren't that relevant to the discussion, outside of the possibility that the more shows ending the more likely the network is to keep around other shows. But ABC has cancelled or ended fewer shows than what usually gets cancelled in a season so far.
Furthermore, ABC has consistently canceled it's lowest rated scripted show at the end of the season. And I'm not talking about shows that were the lowest rated overall that were cancelled earlier in the season. I'm talking about the shows that run through to the end of the season and have the lowest average at that time. This is pretty bad for OUAT as, if it continues the way it has been, it will be second only to an already cancelled show in terms of lowest ratings, as well as being the lowest rated scripted series at the end of the season. We'll see how shows that premiere in the winter and spring do, but when those have low ratings they tend to get pulled quickly rather than sticking around until the end of the season. But those shows and how well they do in comparison to OUAT will have some impact, and certainly more than already cancelled series.
OUAT might have a few things going for it. Depending on how much they cut the budget, and how much merchandising they're pulling in, in addition to what they're making from streaming deals, it's possible that it's still making more money than a higher rated show that might cost more or not bring in as much merchandising and streaming money. There's also the fact that, while the idea that Friday night is automatically a handicapped death spot, they're flailing a little bit after doing away with their older-viewer-centric lineup, so they might be more comfortable keeping a known property, however poorly it did, than try to restructure again. And, of course, there was a brand new show (Inhumans) on the same night that didn't do particularly well. Even though it technically averaged better than OUAT, its numbers dropped to the point where it generally did worse than OUAT week to week. And networks are more likely to cancel a new show that has poor ratings than a veteran show with comparable ratings.
While the possibility of not getting a renewal at this point is probably way more likely than it ever had been for the show, I still don't think it's a sure thing, and there's a possibility it's still making enough money for them to want to hang on to it. However, the discussion of the fact that it is now ABC's lowest scripted series, that it's unambiguously their lowest script multiseason series, and how important those facts will be in regards to the network's decision, especially when taking into account how these sorts of things have played out in the past and the general success and history of the timeslot.... it's all incredibly relevant and not to be dismissed. And bringing them into the discussion and treating them with that level of relevance certainly isn't "stupid", or silly, or whatever.