The outcome is correct - two penalty strokes incurred. But the analysis is not quite right. The player breached Rule 9.4 (ball in play moved on fairway), one penalty stroke. Ball not replaced and played from the "new" place, which is playing from a wrong place (Rule 14.7) which is a penalty of two strokes. But via Rule 1.3(4), Applying Penalties to Multiple Breaches of the Rules, with no intervening event, the player gets only the higher-level penalty, ie, two strokes in this case.