Such efforts can meet with no kind of approval among Catholics. They presuppose the erroneous view that all religions are more or less good and praiseworthy (this is the error of indifferentism), inasmuch as all give expression, under various forms, to that innate sense which leads men to God and to the obedient acknowledgment of His rule. Those who hold such a view are not only in error; they distort the true idea of religion, and thus reject it, falling gradually into naturalism and atheism. To favor this opinion, and to encourage such undertakings is tantamount to abandoning the religion revealed by God.
One should read texts like this carefully and not exaggerate or misinterpret (the SSPX does not have official faculties for interpreting Papal decrees anyway). The above quote from Pius XI is interpreted by the SSPX to mean that Vatican II offered false teaching.
But what is overlooked are the distinctions …
"Efforts [which] presuppose the erroneous view that all religions are … [equally] good and praiseworthy …
If this is the presupposition, then it cannot be approved.
Notice this …
all give expression, under various forms, **to that innate sense **which leads men to God
The Pope here is refering to a natural “innate sense” and not the workings of Grace. Again, if this is “presupposed” in any ecumenical gathering (that innate nature will lead men to God), then this is false.
But to move from these distinctions to a condemnation of all ecumenical discussions is a misinterpretation.