I guess we'll have to wait and see what other members have found. BTW, I found a picture of a 2013 with the Class III hitch and it looked almost identical to the one you posted. No mention of the WDH. Unfortunately I lost the thread when I closed the wrong tab on my screen.
Peter
Voyager57, I have a 14 with the factory installed Class III towing and 4x4 and the sticker on mine is identical to yours:
I would guess they direct you to the manual so they can use the same sticker on a 4x2 and 4x4 as the capacities seem to be different.
My manual reads as you indicated as well, but since I have the 4x4, the WDH does not apply. In the manual the only line that has the asterisk denoting the need for the WDH is the 4x2 with the 3.5L TiVCT, Class III. The line for the 4x4 3.5L TiVCT Class III shows 5040 max trailer weight out of the box with standard hitch and ball.
2014ExplorerManual_Towing.pdf attached. I checked the PDF against the paper copy and they are identical.
So IMO (which in reality is probably worthless

) I think they did not put the weight distribution vs weight carrying rating on the sticker is so they could get by with one sticker across the explorer line with the class III package.
Along with that I also found the attached 14_Explorer_Towing.pdf from Ford which indicates you have to use the WDH regardless of suspension. This document also matches the charts in Peterk9's link above but surprisingly neither of them match the owners manual.
100% personal experience, your mileage may vary: We used to own a boat with a trailer weight of 4,775 and about 485 lb tongue weight. My '04 Explorer 4x4 XLT V6 with Class III/IV towed it with no issues (it had a 7,500 max trailer rating). On my '14 I normally I would tow it with just a hitch and ball and it seemed to shake the ride all over the place. Possibly that is a difference of towing with body on frame vs unibody construction. I also ran it a couple times with the WDH and it felt pretty much the same. Granted with the '14 I only towed it about 10 times and my longest trip was about 25 miles, but I did not seem to notice a big difference between WDH and not, and the WDH was a much bigger pain in the butt. It also technically probably pushed my max tongue weight over the 500 lbs.