Yes, there are two aspects of indefectibility. I bolded and put (1) and (2) below ...
From Catholic Encyclopedia:
Among the prerogatives conferred on His Church by Christ is the gift of indefectibility. By this term is signified, not merely that (1) the Church will persist to the end of time, but further, that (2) it will preserve unimpaired its essential characteristics. The Church can never undergo any constitutional change which will make it, as a social organism, something different from what it was originally. It can (2) never become corrupt in faith or in morals; (1) nor can it ever lose the Apostolic hierarchy, or the sacraments through which Christ communicates grace to men. The gift of indefectibility is expressly promised to the Church by Christ, in the words in which He declares that the gates of hell shall not prevail against it. It is manifest that, could the storms which the Church encounters so shake it as to alter its essential characteristics and make it other than Christ intended it to be, the gates of hell, i.e. the powers of evil, would have prevailed. It is clear, too, that could the Church suffer substantial change, it would no longer be an instrument capable of accomplishing the work for which God called it in to being. He established it that it might be to all men the school of holiness. This it would cease to be if ever it could set up a false and corrupt moral standard. He established it to proclaim His revelation to the world, and charged it to warn all men that unless they accepted that message they must perish everlastingly. Could the Church, in defining the truths of revelation err in the smallest point, such a charge would be impossible. No body could enforce under such a penalty the acceptance of what might be erroneous. By the hierarchy and the sacraments, Christ, further, made the Church the depositary of the graces of the Passion. Were it to lose either of these, it could no longer dispense to men the treasures of grace.
This, ultimately, is what the SV vs. R&R debate boils down to (not an argument about the "5 Opinions").
R&R claim that SVism leads to a defection of the Church by virtue of the loss of (1) above, the Apostolic hierarchy.
SVs claim that R&R leads to a defection of the Church by virtue of the loss of (2) above, the Church's essential characteristics, or notes.
R&R hold that the Church's not-strictly-infallible Magisterium can go entirely corrupt, that the Public Worship of the Church can become corrupt, that the canon of the saints can become corrupted, etc. ... but so long as the small body of dogma remains in tact, there is the Church and there are the Catholic hierarchy. Not more than this small body of dogma is protected and guided and guaranteed by the Holy Ghost.
SVs point out that, rightly, that the hierarchy is not "lost" due to interregna, due to Antipopes, due to usurpation of episcopal sees (97-99% of episcopal sees were usurped by Arians during that crisis), but that this degree of corruption is tantamount to the Church losing its essential characteristics. Archbishop Lefebvre publicly stated that the Conciliar Church lacks the Marks/Notes of the One True Church, i.e. lacks the Church's essential characteristics, those by which the Catholic Church can be identified as the One True Church founded by Christ.
If the changes in the Conciliar Church are merely accidental, then R&R have zero excuse for not remaining in communion with and submission to the hierarchy. But if the changes are essential, and change the essential characteristics of the Church, then if the Conciliar Church is the Catholic Church, it has defected.
It's much easier to explain that the papacy and many episcopal sees can have been usurped by heretics than to explain how the Church has not changed essentially. And, if the Church has not changed essentially, then those who have broken from the Church over these accidental concerns are guilty of schism.
There's no way to justify R&R, which is a have your-cake-and-eat-it-too, where they can claim that the essential characteristics of the Church have not changed, but it's still OK to sever communion with and submission to the hierarchy.
We have Vatican I teaching that the See of Peter has never and can never be blemished by error, and a wall of papal teaching that the Magisterium cannot be corrupted. Trent anathematizes those who claim that the Rites used by the Church can be inducements to impiety, and theologians are unanimous in upholding the Church's disciplinary infallibility (which includes the Rite of Mass). If the majority of the Catholic Magisterium can go corrupt, why were the Old Catholics wrong, why were the Eastern Orthodox wrong, and why were the Protestants, who all made the same claim, that the Catholic Church had veered from true Christian doctrine?
If the Conciliar Church is (and can at any given time become) hopelessly corrupt (to the point that Catholics cannot co-exist with it), what is it even good for? How can you try to convince Old Catholics, Eastern Orthodox, and Protestants that it's the True Church of Christ, and the only sure guaranteed of sound doctrine (the standard Catholic apologetic)? "You must join the Church and stay separated from it at the same time." It's almost like R&R have become "separated brethren" of the Catholic hierarchy and their position bolsters Vatican II ecclesiology, which holds that there are divisions within the Church, while other things united its members. While R&R are separated from the "Vicar of Christ", they hold enough things in common to continue to claim that they're both Catholic and are in the same Church.
R&R is an abhorrent non-Catholic trainwreck, and those who adhere to it, claiming that the Catholic Church has become corrupt, that the Conciliar Church is the Catholic Church, and yet remain outside of it, are in grave danger of losing their faith and their souls. And the scariest part is that they don't even recognize how non-Catholic the whole thing is.