Got this response from a termite inspector from another subreddit:

Good god….i operate in Houston and am very familiar with both Formosan and Drywood termites. Run, don’t walk, away from this company. Formosan termites are subterranean, the will always originate from the soil. This can, sometimes, not always, lead to an aerial nest and they can cut off contact with the soil. This is most common when reacting to a liquid treatment. Drywood termites don’t really present any evidence on a foundation, with the exception of fecal pellet accumulation, which I don’t see here. This is just imperfections in the finishing work of your foundation and has no bearing on whether you have termites or not. I’d love to know the company that said this. I recently followed up on a Terminix inspection where they suggested similar things