I agree with that, but remember the phrase is about being ABOVE the law, rather than, for example, beyond. To me, that is clearly implying that it is saying status does not excuse you.

A noble sentiment, but I am afraid one with little relationship to reality. Anything punishable just by a fine, for example, is life threatening to the poor but virtually irrelevant to the super-rich. Similarly, money has always been able to engage lawyers to minimise the risk in a way the poor cannot. Making the law apply equally to all is incedibly difficult.