LGPLv2 upgrades to GPLv2, which contains the "or any later version" clause
False. LGPLv2 does not contain an 'or any later version' clause. The rest of this paragraph is not quoted because it didn't make any sense.
(It may not be compatible with GPLv2 minus the "any later version" clause, but that's an obvious result of having one thing saying version 3 or newer, and the other thing saying version 2 only).
The 'or later' clause is not part of any version of the GPL or LGPL. It is simply a convention that the FSF encourages users of their licenses to adopt. You don't have to modify the license to remove it (which, by the way, you can't legally do because the FSF asserts copyright on their licenses and does not permit derived works).