I think you are right, the definitions in the glossary are very simplified and the true meanings of these terms can only be understood in the light of the Dharma. It's meaning within the content of the teaching. These terms are used in the Sutra to show the natural cycle of the Wheel of the Law. After all, it could not be a wheel unless it came back around to where it started from- ignorance. There certainly has been times before when the teaching has been "more potent" in the world- leading others to the Enlightenment experience but, it is a fallacy to take these terms to an individual perspective. We know from the Correct Law, Counterfeit Law and Latter Day Law only the cycle of the teachings, not individual perspectives to it.
The Dharma is solely an individual affair. I believe that certain individuals have great capacity for liberation, attainment, "Enlightenment" experience or higher mental states, there are just so many more people now, the world so complex that it is even harder to recognize. As long as the teachings are in the world, the individual has the ability to follow the path to Enlightenment.
As for objective as a Buddhist, I can give only what I understand as my own at this point. To understand my true nature deeper in the context of the Sutras, be more mindful in life, be a person of virtue and integrity, spread kindness, understanding in my community. It is truly joyous practice. I enjoy trying to "relax" and see the world in the light of the Dharma. I enjoy reading the Sutras. I enjoy intellectually applying teachings.
There are a great number of practicing Buddhists on the saha world. We are very lucky to live now rather than after the Law has vanished. We must know about the Cycle of the Law because it is the truth, there is nothing in it that should cause apathy toward practice but, confirmation of known laws. Even when all the teachings have vanished there will be individuals who dwell in meditation, seeking the Dharma.
Hope I helped?? Here is an interesting fact- there are as many people connected today by the social media site Facebook, that there was on the entire Earth at the time of Sakyamuni Buddha.
It is all happening right now