In this context, the translation is absolutely correct in my opinion. I can't really think of a context where "lolicon" being translated to pedophile would be incorrect. -con like siscons, brocons, etc are complexes or obsessions. Lolicon is a complex or obsession with, drawn or not, prepubescent minors.

Loli, not lolicon, can refer to both an individual who looks like the target of a lolicon (a prepubescent minor), or is short for Lolita fashion, which is meant to be a cute fashion style inspired by Victorian-era dress with archetypes like goth-loli.

For those wondering why Japan, a very shame based culture, feels more accepting of this, and why it seemingly appears in anime/manga culture so much, CSAM possession was legal, technically, up to 2014. CSAM production and dissemination only started being legislated in 1999, with much pressure from the west. Again, it is absolutely abhorrent and a crime, but culturally in Japan, many feel they are being forced to adapt at a rapid pace. There's a tangential relation between western conservatives and Japan when it comes to acceptance and cultural change (I wasn't referring to pedocon theory, but hey, it's a theory like gravity at this point with it being proven each passing month.)

Bonsai Pop's video on the Rurouni Kenshin mangaka goes into detail on this as he was found with a massive collection of this material. Which, again, was legal for him to own 3 years prior (he was arrested in 2017) regardless of how ethically abhorrent it was. Which it absolutely is. I believe his case was a case of hurt people hurt people in that he was abused as a minor and developed his complex. He never directly harmed children as far as we know, but he did own a large CSAM collection, which absolutely furthers a climate in which exploitation thrives. It's believed he was likely being used as an example by the state given how public the arrest was while how minor the punishment was.