It doesn’t allow Amex to set their own prices for airfare without authorization from the airline via a private fare entry in the gds which I highly doubt they have on this route. Amex travel is still a travel agency, obligated to resell the airline’s inventory according to published fare rules.

Or to look at it a different way, because I recall this other issue popping up in the forum, if ticket rules indicate the ticket is refundable, Amex travel cannot make it’s own rule that refuses to refund a refundable ticket, yet I recall it trying to do that very thing.