To my American ears at least, "way of life" used in this sense _does_ encompass all those big, important things. The rhetoric has always been that the [Soviets, Al Qaeda, whoever] hate our "way of life" and want to destroy it, whereas Superman wants to protect "truth, justice, and the American Way". It's a stand-in for freedom, habeas corpus, the Bill of Rights, and the rest.
It's a sad time for HK and the world.