The inflammatory effect of seed oils (very high concentrations of linoleic acid) comes from the industrial processes, as you described, and of the concentration. Yes, it can also apply to olive oil. So if you want to consume olive oil, I'd recommend it be extra virgen cold pressed organic olive oil. It will have much smaller amounts of linoleic acid. Nonetheless, it can be hard to find a decent brand since it's very easy to mix olive oil and other seed oils without you being able to notice the difference, even with laboratory equipment. Peanuts aren't necessarily bad for you and you'll get mixed responses amongst the low carb community. One thing is for sure, they're a lot healthier than seed oils.
Olive oil doesnt need to be cold pressed although that is a great option, single estate artisinal Olive oil will be the best quality, produced by traditional milling methods or cold pressed. The important factor is that the oil is not chemically extracted on an industial scale. The sheer number of Mediterranean people who live to a very active and healthy old age is all the convincing I need that Olive oil (as described here) is very good for you. We have likely used Olive oil in this way for tens of thousands of years. Sad part is that this quality is very hard to find unless you go straight to the producing region. (Disclaimer: non-scientific, heavily biased answer from someone who loves artisinally produced Olive oil 😂)