Cows don't eat plants that people can derive appropriate nutrition from. They also don't generally use land that is appropriate for crops. Also, from what I understand, the emissions from the animals isn't significantly different than seasonal die off from natural grasslands they graze on. Beyond this, most of the calculated water consumption "used" is rainwater on said grasslands.
Cows in America derive most of their calories from corn. And while most Montana cows generally live on land unsuitable for crops, Montana only has a small fraction of American cows.
And I believe that your comments are even less true in other prominent cattle producing countries than America.
Grass doesn't grow on hills, or soil with lots of stone/rocks that would be prohibitively expensive to turn into cropland? Not to mention that cropland using regenerative farming, or anything actually sustainable, should include grazing animal rotation.