3 CV groups is not 1/4 of the USN strength, it is more like

1/3 or 1/2 the normal strength. There are 12 CV groups in service, but usually 1/3 to 1/2 of them are either under repair, maintance, upgrade or basic training. In 1991, 7 CV groups / in 2003 5 CV groups gathered at Gulf, that was about the entire mobile force the USN could use in normal state. Of course, it total war situation, USN can mobilize a far greater force easily.
That being said, the report's undervaluation of the exercise does not make much sense either. What else can these warships do anyway? It is their job, after all.