It's not that misleading. They have moved scheduled tournaments out of North Carolina. Just the fact they would sanction anything in Cuba and China while at the same time boycotting North Carolina for anything is the height of hypocrisy.
You're (intentionally?) conflating the NCAA, the conferences, and their member institutions as one entity. The NCAA is not sponsoring anything in Cuba or China. There was literally never a single activity that the NCAA allowed in China or Cuba that they don't allow in North Carolina, so yes, it's misleading.
For Cuba, the individuals schools (Louisville and Bowling Green) took their women's basketball teams' 1 per 4 years foreign trips to Cuba for exhibition play against the Cuban National teams. No 'official' NCAA wins or losses occurred. It was essentially a series of practices that occurred in Cuba.
For China, the Pac-12 sponsored the games between Washington-Texas and Stanford-Harvard, not the NCAA. It's not like they held the NIT there.
The NCAA prevented
none of the following from happening in North Carolina:
1. Home games in any sport.
2. Bowl games. (Belk Bowl is alive as long as the ACC & SEC agree to play.)
3. Conference championships. (Before you start, that was the ACC, not the NCAA.)
4. Conference events.
5. Home Regionals earned (not pre-selected)
If any of those were being blocked by the NCAA (and not the member institutions or conferences), you might have had a point.
It's moot anyway since HB2 was quasi-repealed enough to appease the NCAA.