Yes, you're misinterpreting me. Breeding involves making calves, obviously. But once you get the hypothetical continuously-milk-producing cows, they don't have to make calves. Making more cows can be delegated to cows specialized to making more cows, so cows producing milk for humans can do that without inconvenient pregnancies.

But that's not how it works. Every single milk-producing cow must have been pregnant at least once, and typically several times in its life to keep producing desired amounts of milk. And the calves are an unwanted byproduct that must be taken away. At least they're not shredded in a big blender like the male chicks of egg-laying chicken breeds are.