You’re the one confused about the word or. If a law says that it’s unlawful to do this or that, then both those things are unlawful.
The law isn’t that confusing. The first part covers weapons that people carry on their person through a metal detector (this was before backscatter machines) and is meant to ban plastic guns and the like. The second part covers guns that travel through the X-ray machine and can’t be recognized visually.
The law accounts for rifles that break down through the language any major component. An AR-15 breaks into an upper and lower receiver, among other parts. They’re still large and recognizable components.
But that language is also fuzzy. What counts as a major component in a small, folding gun? Especially one that’s explicitly meant to give the illusion of being something else?