The right of the people is in reference to the militia, otherwise they wouldn't have included it.

This is wrong for a couple of reasons

1) If they only meant those in the militia could have guns they would have said "right of the militia" and not "right of the people"

2) The militia was made up of random groups of citizens and was not organized like today. So allowing citizens to have guns was both to protect life a property. There was no requirement that if a person owned a gun they had to be a part of the militia

3) If the guns were only meant for the militia, why did the governments not hold on to the guns and issue them when needed and take them back when done? Because the expectation was that the right to bear arms was with the people and not the government, and not a temporary right that would end after the war.