Your analysis is logical and easy to comprehend. But the situation might not exactly be an either or case. This is so because happiness can co-exist in a meaningful life. Alternatively, a life of meaning could engender happiness.

The real issue, in my humble view, probably is which comes first, meaning or happiness? Even in this case, there really can't be a hard and fast rule. A man who aspire to lead a meaningful life will certainly be happy when he attains that ambition. In the same vein, another person may derive his happiness from the meaningful life he leads.

A well-lived life should encompass both happiness and meaningfulness. One without the other amounts to a shortchanged existence.

Bravo @dcrypto for this intriguing post. It sure made me spare a thought or two on something I have never really seriously considered. Thanks a bunch!