This is very much not rigorous, so more of a "fake proof outline" than a "fake proof", but anyway hopefully someone would make explicit the (most important) error in the following line of reasoning:
- An infinite axiom schema in FOL is semantically equivalent to an infinitary conjunction.
- The semantics of infinitary logic requires set theory to specify.
- Ergo infinite axiom schemas are "set theory in sheep's clothing".
Guesses: Is the problem that the above fails to distinguish between arbitrary infinite FOL axiom schemas, and recursively axiomatizable (albeit still infinite) FOL axiom schemas?
Are the semantics of recusively axiomatizable FOL axiom schemas somehow special enough to not require set theory, unlike the semantics of arbitrary infinite collections/"sets" of FOL axioms? Is Craig's theorem relevant?
Maybe the relevant collection of sentences (at least if recursively axiomatizable) can be expressed as a single sentence in $\mathcal{L}_{\omega_1 \omega}$, which is apparently complete (albeit not compact), so there are no semantic dependency issues vis a vis set theory?
Related questions (expressing the idea that infinitary logic is sometimes even more expressive than 2nd order logic):
Is there a specific infinitary sentence second-order logic can't capture?
Is infinitary first-order logic strictly more expressive than weak second-order logic?