yeah underneath mine it looks like that, though yours looks worse. what's interesting on your pic is the dark "paint" underneath the decal has come off?
if i knew aircraft paint remover wouldnt hurt the dark finish i'd just go grab some. i have some other paint stripper here that might be worth spot testing
btw i don't think respray is spray paint, i think it's automotive paint.. not really sure though, and even less sure how much of a difference it makes