Based on reading the exchange, I’m fairly sure it’s the former.
Regardless, the existing export function from the Password Manager dashboard does need to include the option to export Organization vault data, because it is possible for non-administrators to have permissions to manage a subset of collections, and such permissions must include the ability to export the managed collections. These users would need the ability to export Organization vault data from the main Password Manager dashboard, because they do not have access to the Administrator dashboard.
Thus, what is needed is better labeling of that option, or perhaps a pop-up alert that clearly indicates what has been exported and what has not been exported (especially of the Org export is empty).
Another possibility would be to hide the Org export option in the Password Manager dashboard, if the user is an Org admin.