Imam Suhaib Webb on why "Follow the Qur'an and Sunnah" is an inaccurate and fallacious statement

Imam Suhaib Webb, graduate scholar of Al-Azhar University, says,

"Follow the Qur'an and Sunna" is not a correct statement since that would throw out qiyas, ijma, masalih al-mursala, mafhum al-mukhalafa, al-'Urf and a host of other Usul, for us (the Malikis) they are 16. A better statement, and the correct one, would be to say, "Follow the Usul of Islam." Since only 5% of all rulings come explicitly from the Qur'an and Sunna,we say to this statement as the Prophet (sa) said to the bedouin, "You have made something vaste very small."

My understanding of it:

This statement is not only inaccurate and fallacious for the adherents of the Maliki school of jurisprudence, but also those of the Hanafi, Shafi'i and Hanbali school as well. However, although it is a reflection of what is in the Qur'an and Sunnah, nonetheless, the statement itself is incorrect and misleading.