Not necessarily. We'd be competing for a combination of all the CONCACAF and CONEMBOL bids. 3.5 + 4.5 for a total of 8 bids. They may even add others to make up for the quality of the competition and take away from UEFA's 13. I think the US and Mexico (maybe Costa Rica) can outplay the 4-5 worst South American teams to qualify. Will there be a cycle we don't? Maybe. But then WC qualifying has a meaning and it will harden us to be a better team in WC competition.
What's not explained is how Confed Cup qualifying would work.
I reckon CONCACAF and CONMEBOL merging would be the catalyst for them rethinking the number of places that different confederations get. I know that Africa have been arguing that they should have more since forever.