You've misunderstood the term "breaking the fourth wall", probably because CM Punk said it. You see, breaking the fourth wall was a phrase coined on stage, because you have 3 walls then the audience. If the situation was real, the audience would be a wall in a house too, thus the fourth wall. Therefore by addressing the audience you are breaking the fourth wall. Cody did not 'break the fourth wall'. Perhaps he toed the line with kayfabe but "breaking the fourth wall" is the wrong phrase to use in this situation.
I disagree with your overall point, too. It's imaginable that someone who's just been fired would want to voice his grievances about the company and what better way to do it than on camera. So he said about his father and his brother. It's all about making this feel as real as possible. Do millions of people flock to the cinemas to see a movie because they think it's real? Hell no. Same with wrestling, I watch for the entertainment, not for whether it's real or fake. That being said, making it seem as real as possible helps with the believability and the entertaining factor of the product.