I've seen copyright notices that explicitly forbid use for AI training. Would this "transformation" argument still hold in such cases?

For example:

No Generative AI Training Use

For avoidance of doubt, Author reserves the rights, and grants no rights to, reproduce and/or otherwise use the Work in any manner for purposes of training artificial intelligence or machine learning technologies to generate text, text to speech, voice, or audio including without limitation, technologies that are capable of generating works in the same style or genre as the Work, unless individual or entity obtains Author’s specific and express permission to do so. Nor does any individual or entity have the right to sublicense others to reproduce and/or otherwise use the Work in any manner for the purposes of training artificial intelligence or machine learning technologies to generate text, text to speech, voice, or audio without Author’s specific and express permission.