True, but a compression test will give you a good place to start.If the engine is new technology with an Engine Control Computer, you may also be able to dump the fault codes stored in the motor. Some motors require a visit to the dealer where a special hand held diagnostic terminal is used to perform this. In the case of Optimax motors, you can get a count of overheat events, and the total amount of time in minutes that the motor was run while overheated. If any of the motors sensors have problems, or if the injectors are generating faults, you would see the fault in the diagnostic data dump. You can also dump a Histogram of RPM versus hours run in increments of 1000 rpm. Finally, you can get a count of the number of times the motor bumped up against the rev limiter. This is all good information to tell you what kind of abuse a motor may have suffered at the hands of the previous owner.
One other thing to do when you run a compression test is to carefully examin and compare the spark plugs to each other. They should all look nearly the same with equal amounts of deposits, and about the same color on the ceramic tip inside the plug that surrounds the center electrode. Variances in the plugs' color can be a sign of lean running which can damage a motor. Excessive oil or carbon deposits on one plug versus the other can be a symptom of a faulty ignition coil or plug wire. And, a plug that is extemely clean compared to the others is almost certainly in a cylinder wear the head gasket is leaking water into the cylinder. Worst of all is a plug that looks as if it has droplets or spatters of aluminum metal on the electrode or tip. That indicates that engine damage has already occured due to overheating or running with an extremely lean fuel air mixture.
As for hour meters, they are often disconected once they have reached the users optimum resale #, then reconected at time of sale.