Modified starch seems like a prime candidate for an ultra-processed ingredient. I don't know which one is used in baked beans, but there's a whole list of enzymes, acids and alkalis used: https://en.wikipedia.org/wiki/Modified_starch
I didn't realize we could buy 89% peanut butter in Europe. At my nearest supermarket in Copenhagen I have the choice of 99.5% (Machandel), 99.6% (Urtekram) or 99.3% (Salling). The other 11% of yours is probably palm oil, sugar and salt, so less questionable than the modified starch but it's still additives to increase shelf life and make the boring, natural peanut more appealing.
It's by far the most sold one. I just checked, and it's not palm oil(which I would be opposed to for environmental reasons), but sunflower oil(probably high-stearic, though it doesn't say), diglycerides and monoglycerides, salt and glucose. probably most of the additive is the sunflower oil.
Anyway, it doesn't really matter, that's my point. the 89% peanuts gives me lots of protein, fibre and healthy fats, which is making it easier for me to diet and lose weight, thereby improving my health. That almost certainly outweighs any potential risks from the 11%. The 11% honestly helps in that it makes the whole thing palatable. I can't overstate how much I hate pure peanut butter; just thinking about it makes me gag.
I mean, adding stuff to food to make it more appealing or longer-lasting is what humans do. It's what we've always done. Just concluding that it's bad and shouldn't be done is silly. I'm much more interested in specifics.
You can even make a health-positive argument for preservatives. Preservatives prolong shelf life -> means I can keep more diverse food around with less time expenditure(not going to the store every day) and with less waste because there's only so much food I can eat in a given time -> means I can follow a more varied diet in practice -> better health outcomes.
Now, if there's a specific problem with one preservative or other additive, fine. replace it with something else.
I didn't realize we could buy 89% peanut butter in Europe. At my nearest supermarket in Copenhagen I have the choice of 99.5% (Machandel), 99.6% (Urtekram) or 99.3% (Salling). The other 11% of yours is probably palm oil, sugar and salt, so less questionable than the modified starch but it's still additives to increase shelf life and make the boring, natural peanut more appealing.