Yes that is the tube, and yes it is on my bike. As I mentioned, a metric bolt that long, is not available around here. Rural area and not a lot of demand for metrics, that long. In a typical hardware store with 2 isles of bolts, screws, etc, there will be maybe 1/10 of them will be metric.
Its not sloppy, but when I press down on the rear rack I made, there is noticeable movement, to me anyway, because I was looking for flex in the mock rack, made from emt. Instead I see the seat frame moving. If the correct size bolt does not allow any movement, maybe I will try to source it online for the correct size.