Yeah, they've massively overestimated the depth of non-European continents. The number between compulsory places and additional quotas should be flipped, as in...
World Champ - 1
Host Nation - 1
Africa - 2
Asia - 2
Europe - 2
Pan American - 2 (or 1 for each if they still want to have the split)
Oceania - 1 (should they meet the minimum qualification)
Wild Card - 1
And then take the top 20 from the previous competition's results. It's a bit weird as only 24 teams participated last year, but it'll make more sense in future editions.
Basically the quota distribution for 2021 using my method would be...
Africa - 4 + 1 Host
Asia - 4
Europe - 15 + 1 World Champ
Pan America - 5 (4 South America + 1 North America/Caribbean)
Oceania - 1 (Should they meet minimum qualification)
Wild Card - 1
Not sure why they want to split Pan America. It may have made sense when there was only 24 teams as Argentina/Brazil/Chile were ahead of the rest of the continent, but after that the two regions are a lot more comparable (with an advantage to North America/Caribbean) and more often than not the continent should have at least 4 teams at each edition.