Assuming that one is starting with a clean engine Fe from wear ends up in the filter, as particles smaller than what is captured in the filter but not what ends up in a UOA, what ends up iin a UOA, and possibly a bunch of stuff left in the engine. I don't take apart my engines very often or even drop the oil pans, but I do drop the cover on my front and rear diffs to change the oil. Although the oil is pretty clear when I change it, kind of like a darker olive oil, there is a light gray film on some of the parts, parts which I assume are somewhat magnetic and a film which I assume is Fe. A UOA would fall short in assessing how much wear there is. I would assume that some cast iron blocks, heads, timing chains, etc., would do some of the same, and that depending upon manufacturing variation the amount of gray film that might collect would vary.
As previously mentioned 'wear' can be localized, on a part that will render an engine inoperable in short order, or spread out and tolerable for a long time. 'Less' is better is the typical justification, especially in the context of a trend, but it's still probable that it's not a comprehensive indicator of wear due to not collecting the other sources of Fe, and not being able to pinpoint the source of the Fe.