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Showing movies in a school

The question, as a follow up to the Oct 31, 2019 post about showing movies and Swank.

The school does subscribe to Swank and would like to show a video using Netflix. This is not for face-to-face instruction. According to Swank’s terms of use they are licensed by the movie studios to show any legally acquired version of the video. From Swanks’ FAQ Page (https://www.swank.com/k-12-schools/faq#whereCanIAcquire).

Regarding Netflix, this is there term of use:
Netflix Service 4.2. The Netflix service and any content viewed through our service are for your personal and non-commercial use only and may not be shared with individuals beyond your household. During your Netflix membership, we grant you a limited, non-exclusive, non-transferable right to access the Netflix service and view Netflix content through the service. Except for the foregoing, no right, title or interest shall be transferred to you. You agree not to use the service for public performances.

My question- does Swank’s license allow for this OR does Netflix’s license stand even though rights are secured by the movie studio.
Streaming, Rental and Umbrella Movie Licenses

What qualifies as a legally owned copy of a movie? I understand that the physical copy, when loaned is transferrable and can be covered with an Umbrella License from SWANK or other companies. I believe that streaming services do not qualify as an owned copy as they have licensing that does not work with the Umbrella License. What about movie rentals from iTunes? Does that licensing also exclude itself from the umbrella license? I guess my question is, does only a physical copy of the item work with the Umbrella License provided?