Industrious is definitely a big advantage. As with most of the traits, however, its power is dependent on map size. The bigger the map, the more powerful it is. There are just that many more tiles to improve. This is why many people have reported that the Americans can be quite powerful on large & huge maps. They are designed for rapid expansion - as in the settler flood, by Aeson (tm).
I still think Religious is #1 for the settings I use (standard/normal). I keep meaning to try the Chinese to check out the industrious/militaristic combination.
Otherwise, your points are valid, as usual.