No, it is true.
BUT, these companies are required by law to truthfully label their foods (and some states have laws even stricter than the federal ones).
Now then, they can be vague and say "meat meal, or meat by-product" etc.
Legally speaking, they are in compliance with the fair labeling act.
But what meat is it? well, only God knows for sure, therefore, it is a food to avoid.
Same goes for by-products in general, unless they list specifically what by-products and from what animal source, it should be avoided, as you cannot know.
Any chemically preserved foods should be avoided at all costs, there simply is no need.
The claims as I said, are indeed quite true but only in low end feeds where $ is more important than the animals being fed.
This, more than anything else is the biggest reason pet owners need to educate themselves on proper pet nutrition (as most vets are not properly educated on it) and really, really, really need to learn how to read ingredients lists.