Are you experienced in international copyright law, or are you basing this all on what one guy at Hasbro once said?
I don't have any professional experience in this, so I'm also on thin ice here, but let me approach this with some simple reasoning.
From what I understand, this figure potentially has 3 different aspects it could infringe upon: the movie character (Terminator), the actor (Schwarzenegger) and the toy company (or in this case 2, HT and Enterbay).
The movie character is obviously being infringed upon. All the movie details are there, it is unmistakenly the character from T2 during a specific part of the movie. To top it off, it even says the character's name, T-800, right there on the box.
Second, the actor. In my personal opinion the sculpts hardly looks like Schwarzenegger, but I don't think personal opinions matter. Since it obviously portrays the T-800 in T2, then it must follow that this represents Schwarzenegger as the character. If it's as simple as changing small things like "flatten the lip there", 99% of licensed products wouldn't even need the actor's license, since they are always off from the actual actor's face to a certain extent. Likeness is a very subjective thing that you can't measure quantitatively. Why else did both HT (with the figure posted above) and McFarlane (with their first Movie Maniacs T-800) have to completely mangle the face to remove any possible resemblance to Schwarzenegger?
Finally, the toy company. This is where I agree that no copyright seems to be infringed upon. While they were using a recast of the Enterbay sculpt during the solicitation, they replaced it with a new sculpt in production. Also, seeing the side by side body shot with the HT, it appears that while basing it on the HT, they sculpted the whole body from scratch again, so it's not a direct copy. It doesn't seem that these toy companies care enough about this anyway given the myriad of straight-up recasted figures that 3rd party companies have been releasing for years now, but that's besides the point.
Your example from Transformers is quite different because 1) there are no actor likeness rights to deal with there and 2) the character and the toy company are one and the same. Also, each company's approach to copyright infringement, and how far they are willing to go to try to shut down any attempts at infringement, can be very different.
Partially, you are right and no, I'm not basing this on one guy. I'm basing this on one guy, who is a respected figure in the industry, who works on multimillion dollar franchsies, who told me that the lawyers of his employer have dissected this time and time again and confirmed it and furthermore confirmed it, that ALL companies know and accept 3rd party as a necessary evil as far as they don't fly too close to the sun.
Where you're right is about the likeness, but even there: only partial.
As in Transformers there are certain characters' faces used as a brand akin to the likeness of an actor which would need to be/is licensed.
"3 different aspects it could infringe upon"
Potentially, but probably not really. Enterbay/HT you already dissected, but the detailing is 100% irrelevant.
Like I said: in TF the characters look exactly like you know how the character you are searching for is supposed to look, yet they are not infringed. Cause you can't put a copyright on shapes. I'm open to admit that I don't know all the details as, for example, Disney copyrighted the mouse, Hasbro copyrighted the helmet shape of, at least, Optimus Prime, but that's the info I got: no copyrights on shapes. and so the endoskeleton shape doesn't matter and especially, seemingly, the term "T-800", cause if you check in the pics, there's a band called T-800. They exist and no one seems to care, or claim. Then the box does not have anything "Terminator", written in word, on it.
But then again, there's the endoskeletal head and if you look at the second picture "Endoskeleton and any depiction of Endoskeleton are trademarks of" yada yada.
So, yes: details are mangled, 100%, I'll admit to that, but as a first I can't stand when someone I don't know comes around "it has been widely known". Sorry, just no. It's not widely known. What is known is what I stated, but how these companies operate is not known and it hasn't been for years, except WHERE they operate and chances are high that people from Fans Toys work on these Terminators, but that is pure speculation.
I do apologize though. I'm a bit too allergic to these "absolute truth" comments, but here I also am, coming around as the know all.
Apologies.
But this is what I know and it just has been known for 2 decades and I do not see it being any different for 3P 1/6.