The word you want is martensitic, not ferritic. But absolutely correct on all points.
I'm not an engineer or metallurgist, just a guy who's taken some metallurgy in college. That said, I use a LOT of stainless in my job.
You'd use a ferritic stainless for heavy sheet forming due to ductility, martensitic for something like cutlery or something where heat treatment would be needed.
Problem is the ferritic stainless is kind of a pain to weld and the corrosion resistance isn't as good as austenitic. Personally, I would choose a 304 just for the ease of weldability and the better corrosion resistance over ferritic grades. But the formability and ductility of ferritic may be more critical for the small bends and tight corners, I don't know.
You could probably form a toolbox out of ferritic stainless pretty nicely, and the spot welds probably would be ok. I concede that it's very possible that IF this is a stainless box and magnet sticks to it, it would be most likely a ferritic stainless.
I still don't think this is a stainless box, I have never seen Snap-on make or sell any boxes made from stainless at any point.