I was born and raised in Germany where I attended an ordinary high school. Eventually I decided I wanted to attend university in the US but had no help navigating the process and requirements. Needless to say, I realized I had to take the SAT last minute and had never seen a practice test, or taken this kind of test in English before. All my instructions had been in German, and the German school system does not usually perform multiple choice tests - everything is about showing your thought process and your steps. Needless to say, I received an abysmal score. For me this test truly only tests how good you are at that test.
I applied as an international student to a top tier liberal arts college equivalent to Dartmouth. I was able to make my case and was accepted there. My academic performance in both my first year and the rest of the four years was stellar.
Perhaps the SAT can be predictive of performance for those who grew up in the system that prepares you for the SAT (or ACT). For anyone else, this is however meaningless.