Yes. That pretty much summarizes it. If IQ doesn’t further our knowledge of human behavior nor the human mind it is at best a useless construct. We have other more targeted measures (such as SAT) which are easier and cheaper to administer, and are far more useful in both models and evaluations/diagnostics. GDP has the benefit here of being extremely easy to measure and is therefor useful in more general models. IQ doesn’t have this quality, so that is not why most people use it.
Now if that was the only problem with IQ I wouldn’t be so bothered by it. Scientist are allowed to use an inefficient means of measuring their constructs. However IQ advocates often have a vested interest in an IQ that is immutable and (to some degree) heritable. This is often assumed to be true and IQ tests are later fixed in order to make them more robust in score against subsequent trails. This—off course—is circular reasoning (or a self fulfilling prophecy) and is not good science. But it is still used to explain group differences. This is where using IQ becomes scientifically invalid.
Now without the claim of immutability and heritability this wouldn’t matter. We would see a group difference and then we could then go on and try to explain it (e.g. within the context of sociology). However with immutability and heritability, you don’t have to explain it further. The answer is in psychology and genetics. (This is by the way the basis for scientific racism mentioned before).