If I understand things correctly, this launch won’t (try to) complete an orbit, either. It will make a water landing after less than one time around the earth.

To be pedantic, this launch will have orbital velocity; if it was circular it would be orbital. IOW, it's an orbit that intersects the Earth. So it is orbital by some definitions but not by others.

Right, I believe they will be a few tens of meters per second short of orbital velocity.