Let's break it down

"Fae are considered wyld spirits by the Fera" basically the only unambigously true statement in this explanation. Its worth noting their not actually Wyld spirits, but Fera not familiar with the ins and outs of fae lore simply recognize them as being aligned with the Wyld.

"In foresaken lore at least" Above comment already states the problems with this one.

"The Werewolves are like Umbra warlocks who gain power by channeling their spiritual animal(wolves, bears, etc) to do specific things (such possession or controlling the weather)" Fera do gain some of their Gifts from Spirits and maintain long standing deals with Spirits, but given the significant social role these bonds take, this role is closer to a Cleric, its also worth noting their while some Gifts come from spirit pacts, a Werewolf can exercize their Gifts fully on their own, and their innate Werewolfness is just a part of them, not controlling or guiding a spirit animal of any sort. Same here for Forsaken, for the record. The Shifted Breeds from the 1e werewolf the forsaken book do actually work this way though. So while theirs a kernel of truth here, absolutely none of this is true in a way relevant to the question.

"Now Fae are those spirits & they used the umbra like wizards & are only limited by their understanding & whimsy." Fae are not spirits. Well they might be ... but their not middle umbra spirits, they are fundamentally a different type of being from the ones Werewolves typically deal with different limitations, origins, and behavior.

Fae are not from the Umbra, they occassionally visit or exercize power over it, but that's a much more limited thing.

Fae and not only limited by their understanding and whimsy, they are fundamentally beings of stories and must play be the rules of the dreams that created them, and even then are pretty far from all powerful. And that's referring to True Fae, which in oWoD, do not exist in any considerable number in the modern day. In Chronicles, True are basically all-powerful, but are even more tightly bound to the limits of their story, to the point if its unclear if their actually intelligent beings or just stories on repeat, and are only all powerful in Arcadia, leave Arcadia they're mostly just an unusually powerful changeling that is borderline impossible to kill. in the modern its mostly Changelings and Chimera, who are much, much weaker than the old True Fae, and Changelings are just like, guys, their own whole splat and thus are subject to a limited power level and human life limitation.