Rob,
Hopefully you will be ready to question assumptions that are basic to your modulation interpetation too: In reality, no signal extends over time from minus infinity to plus infinity. Mirror symmetry between past and future and negative frequencies are also just fictions. So I see your view and arXiv: 1801.06347 (by Adan Cabello) close to a final solution but perhaps not yet fundamental enough. A nail is not yet the whole coffin.
What about hearing, I wonder if there is physiological support for your idea that it may operate as A and F demodulator. So far, all evidence confirms strong tonotopy from cochlea to CN and beyond. While your hypothetical carrier for AM is unknown at least to me, the temporal structure of the signal remains available for also confirmed subsequent neural coincidence detections.
I guess, physicists will not benefit from being confronted with technical terms like modem, PLL, etc. instead of truly elementary insight based on common sense.
Eckard