Disclaimer, I’m a chemist, not a physicist, so this is probably somewhat incorrect. But it should be be close. Also not sure how great this will be as far as ‘layman’s terms’, but I’ll give it a go.
No, it’s different than that. The explanations above both fall into what’s known as the ‘hidden variable hypothesis’, which is generally not accepted in physics (it is also known as the hidden variable fallacy). The hidden variable hypothesis says, simply, that we can know all those quantities, we’re just not good enough at finding them yet, essentially. Alternately, and closer to the name, there is some hidden variable that determines those values, and if we find it we could know the other variables exactly.
As I mentioned, this is not correct according to our current understanding (and it mostly due to incomplete understanding/explanation of quantum physics by educators shakes fist). It also doesn’t help that it was espoused by Albert Einstein (he definitely had his biases). The problem is that, again as far as we understand quantum mechanics, it literally doesn’t make sense to know a particle’s location and momentum exactly, as you mentioned, @LostInParadise. It’s not that we can’t know it, it’s that there is nothing to know. Most of this, to my understanding, is because of quantum field theory, which states that particles essentially just don’t exist at all, but are actually momentary fluctuations of the fields in the form of waves (for example, the Higgs Boson is so hard to find because while the Higgs Field is everywhere, actually disrupting it enough to cause it to form a ‘particle’ is very difficult because of how the field works). And while we can cause something we see as a ‘particle’ to exist, we haven’t actually done that. We’ve just localized the field to such an extent that we’ve caused it to act in a way as to ‘look’ like a particle. But it’s still a wave in a field. The ‘wave-particle’ duality is, as far as we know now, in itself a fallacy. It’s not a duality, just all waves that we mistook for particles.
Soo.. how do you measure the ‘location’ of a field or a wave? Especially, given quantum mechanics, that these fields never cease to exist, they always stretch out to infinity getting weaker and weaker as they go. You could measure the center of the field, but what does that mean? Some fields don’t even have a center. Electrons, for instance, when bound to an atom can’t even exist at the ‘center’ of their field. It has what’s called a ‘node’, and it’s part of why we have atoms at all; the center of the atom is the nucleus, and you can thank this effect that all atoms everywhere don’t immediately have their protons and electrons pull together and cancel each other. If you can measure the center, is that the ‘location’ of the particle? And the problem comes that, from a certain distance out, you can make a good estimate as to location of a field or speed of a wave. But as you get closer and closer, these measurements make less sense.
Lets take the ocean. You can point to to ocean, but what exact point in the ocean is ‘the ocean’? Is there a single point? Does it, as a whole, have a speed? You could, say, measure the speed of the earth and call that the speed, but is that true for all points of the ocean? Same for a wave. You can look at a wave, and point at a wave, and even measure it’s speed. But where is the wave, exactly? Where does it start and stop, compared to the ocean as a whole? You can measure it’s speed, but what are you measuring, exactly? The speed of the crest? The trough? What about when it enters a harbor, and bends? How about when it crashes? Do you take the average speed? The fastest? And as soon as you pick a single ‘location’ to measure the speed, you’ve lost sight of the whole, because asking the question of the whole requires losing focus of individual points, and vice versa.
Hence, (finally), the uncertainty principle. We can’t know both exactly, because knowing it wouldn’t make sense based on their actual existence. We can compromise on one and focus in tightly on a single variable, but to do so requires ignoring other parts of the system in order to even let you consider a single point.