Of course, but it does tell you something. It does show wear metals, viscosity control, TAN, TBN etc. And from that data you can tell to some degree what oil is holding up better in your engine.But that’s not the point. A simple spectrographic analysis is just that, a measure of those (mostly dissolved) metals that can be measured. It is highly influenced by multiple significant variables which highly influence the result - especially in the “real world” examples that are endlessly and breathlessly posted here as some kind of absolute proof. An ASTM test procedure is not the same, nor is any other controlled environment. Even a race is far more controlled than what is posted here. It certainly occurs over a much shorter interval and conditions.
If I run consecutive oils back-to-back repeatedly under as close to consistent conditions as possible and notice deviations from one brand to the other, that is telling me something. Now one can easily come to the wrong conclusion. I fully agree. I also agree that comparing oils via UOA's is very challenging at best due to the things you mentioned.