Agreed, Oli.
Michael's conduct toward Fredo - allowing him to live as long as Mama does, giving him access to the compound, etc. - shows clearly that Michael does not view Fredo as a threat.
Michael killed him out of rage and retribution, not as a calculated self-defense mechanism. This is affirmed in GFIII during the confession to Lamberto, when he explains his murder of Fredo by saying "He injured me."