Earlier quoted context omitted.
Basically you can't use it for a database product, caching engine, stream processing engine, search engine, indexing engine or ML/DL/AI serving engine. I feel just about any web app does at least one of these things.
the correct way to phrase it would be: you cannot use it unless you pay for a licence. its source is only available so you can look at the implementation if you wish to explore the internals.
> Licensor hereby grants to You a non-exclusive, royalty-free, worldwide, non-transferable license during the term of this Agreement to: ... (b) use the Software, or your Modifications, only as part of Your Application, but not in connection with any Database Product that is distributed or otherwise made available by any third party.
The license is basically to stop AWS using it as part of elasticache (or any other cloud providers)