Pretty much agree, except for two things:
This is a gross (and dangerous) oversimplification. T2 is not a single dysfunction and set of symptoms. It's not a true diagnosis, but rather one of exclusion. When diagnostic tests don't point to a clear and unambiguous diagnosis, patients are lumped together into the T2 category regardless of what the actual pattern is. Any statement you can make about T2s (such as the one above) will be true of some and not true of a significant number of others.
For example: the "classic" stereotype of T2 is plenty of insulin but lots of insulin resistance, making the pancreas work overtime but to little effect. That's not me. I have next to no IR and next to no insulin.
Broad generalities about T2, how it behaves and how to treat it are just plain . . . false. And consequently dangerous.
And complicating the picture still further is the fact that substantial numbers of T1s are erroneously diagnosed as T2. One of our members, @Melitta, has written extensively about this. It's a genuine problem.
The other part I have to take exception to is this.
My point, which I apologize for not being clear about, was that metformin and fasting each, in different ways, allow the pancreas to rest by giving it less work to do. Fasting does that by reducing exogenous carbs; metformin does it by reducing endogenously produced ones. Less carb is less carb, however it happens. And less carb means lower insulin requirements. Metformin also aids by reducing IR so that less insulin is needed to handle whatever carbs there are.