This nice sounding theory is trivial to disprove.
Salem Witch Trials.
It’s often not advantageous to know the truth, especially when the truth is complicated or uncomfortable. It will be rejected or ignored.
You frequently have far more of a competitive advantage if you can make others believe something, whether it’s true or not.
Outside of some very specific domains (like investing, but even markets are irrational), I don’t think it’s accuracy that makes information powerful, it’s emotion.