What you quoted just establishes market effect is an element of fair use again. It doesn't establish market effect overrides the other elements. The source also says "In addition to the above, other factors may also be considered by a court in weighing a fair use question, depending upon the circumstances. Courts evaluate fair use claims on a case-by-case basis, and the outcome of any given case depends on a fact-specific inquiry."

I've consulted attorneys about fair use before. And I've read cases where courts ruled for the plaintiffs despite negligible market effect if any.

There could be relevant case law I don't know of course. But you would have cited it if you knew it already.

I doubt the copyright holder will sue. But that's a different question. And it isn't hard to imagine an artist not wanting their songs associated with police misconduct. Actually it isn't hard to imagine them being concerned about people not wanting to listen to their songs if it became widespread.