Okay I called and wanted to provide some closure to this thread for anyone who googles it down the road 😊
The Royal Caribbean rep confirmed that the “minimum available ocean view room” doesn’t not include guarantee (which is nice!). So here is the updated screenshot for this particular cruise.
After a bit of back and fourth, he confirmed for this particular cruise my 25,000 points would be eligible for the full $500 companion fare (and was able to redeem it for me over the phone - I looked in my rewards section of BofA and the points were redeemed!).
$896/adult is the full cruise fare, and then he said you subtract out all applicable discounts - he wouldn’t confirm but I assume this to mean both the $25 flash savings and the 30% off. Since kids sail free is bundled into that discount line item, my math was: $896 x 2 = $1,792 x 70% (30% off) = $1,254.40 - $25.00 = $1,229.40 divided by 2 people = $614.70 which is greater than $500 so full $500 applied!
It’s worth nothing he mentioned a few times that some discounts weren’t combinable like diamond discount, balcony/suite discount (if you book higher room than ocean view), on board credit, etc (all of these are outlined in the T&Cs).
Hopefully this is helpful to someone down the road!