Perhaps we shouldn't rule out the possibility that the author himself, cheeky old bloke that he was, intented the whole thing as a parody itself.
This struck me when skimming over lines such as "His [Tevildo's] purr was like the roll of drums" (HoME II, i), "I smell dog" (ibid.), the onomatopoetic names of T.'s thanes, "his golden collar -- a token no cat dare dishonour" (ibid.), etc.
In any case, whether it is tongue in cheek, or Tolkien's attempt at an explanatory beast fable, giving a reason for the emnity between cats and dogs, and Elves and cats in his Legendarium, the story had no real place among the Silmarillion myths, just like Tolkien apparently ceased to see the need to explain anything about cats at all.
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