I give Apple a ton of credit for running with real demos, as shown by the fact that they fail, like the FaceID snafu:
https://www.theverge.com/circuitbreaker/2017/9/12/16296912/a...
Or Steve Jobs' wifi disconnection:
https://www.cnet.com/videos/steve-jobs-demo-fail/
A lot of Apple demos include simulated marketing screen sequences too, but if they had 'lip synced' these parts I don't think anyone would have noticed. Clearly, they didn't, or else those two failures would not have happened.
Regardless, I don't think Theranos running a "null protocol" or "demo mode" is particularly surprising. You can't blame them for wanting to avoid something like the machine blurting out "You Are HIV Positive" during a demo. I do think there's a difference between a marketing demo where you expect to be lied to and a "this is a standard production machine running an actual test" lie. The question is which side of that divide the Theranos investor demos fell on.