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.

My partner sometimes asks me, What’s that anime you don’t like to tell people you like?

Mushoku Tensei Jobless Reincarnation

I like the art and merciless world they live in and a lot of the characters but that show I probably fast forward scenes more than any other. Shield Hero is probably second with the lusting for the little chocobo(giant bird thing) princess that can change to little girl.

Anything -con in japanese is a complex and almost certainly up to no good. I just checked with my wife (native japanese) and, yeah, that's not necessarily wrong translation.

She carves out the exception for jokes with a younger partner within reason (her specific was example was a couple/few years younger in a piss-take (like someone might say "she's robbing the grave" but the counterpoint would be "no he's robbing the cradle!" In English banter)), but it's almost always not a good thing.

My personal take is that if it's specifically referencing the ~loli fashion or the piss-take version from my wife, that's probably ok. Anything else is getting into dangerous territory.

I'm a guy in his mid-40s originally from the US and not generally into manga or anime at all, my wife a late-30s japanese who is very into anime and manga.

Edit: wife searched in japanese. The -loli part in fashion comes from young people incorporating those old fashions (again, goth-loli in my example) not, as I expected, people incorporating school fashion into it. TIL. She went on to talk about how the -loli suffic in fashion was chosen. But it's a bit out-of-scope here.