Agree, but would add that knowing an oil's general composition does tell us why it does perform the way it does.
Take Red Line for example. They are one of the most forthcoming about the composition of their various POE/PAO oils.
When their 0W-20, 5W-20, 5w30 etc oils show zero shear in UOA we know why, because they contain no VII's and RL is open about the VII levels of their oils.
But RL is a bit player. With a company like XOM we have no idea about their oils composition. Does it really matter? No. It's performance that matters, and that can be measured.