The question needing to be answered is:
What exactly is the "benefit" of His death? What is being received?
Personally, I think it means the adoption as the sons of God.
That's a very good question. One that absolutely has to be answered. Fortunately, Trent does answer it for us.
SESSION 6, CHAPTER III.
Who are justified through Christ.
But, though He died for all, yet do not all receive the benefit of His death, but those only unto whom the merit of His passion is communicated. For as in truth men, if they were not born propagated of the seed of Adam, would not be born unjust,-seeing that, by that propagation, they contract through him, when they are conceived, injustice as their own,-so, if they were not born again in Christ, they never would be justified; seeing that, in that new birth, there is bestowed upon them, through the merit of His passion, the grace whereby they are made just. For this benefit the apostle exhorts us, evermore to give thanks to the Father, who hath made us worthy to be partakers of the lot of the saints in light, and hath delivered us from the power of darkness, and hath translated us into the Kingdom of the Son of his love, in whom we have redemption, and remission of sins.The benefit is justification, redemption, remission of sins, and membership as sons and daughters of God in His Catholic Family. That is the benefit. But of course, these are all indivisible from each other. Once justified, you are redeemed, have had your sins forgiven, and are made a son or daughter of God, and vice versa.
But without having the benefit imparted via water baptism, one receives nothing from His death, His sacrifice. This is dogma, not my opinion, as shown above.