That is only true when the string is plucked exactly at the middle - not a regular occurrence. Usually it's more of a sawtooth wave, just without the upper harmonics.
My experience with distortion in guitars is that a huge component here is how different it can sound depending on articulation. Some pieces for example require the player to not alternate their picking, but pluck only in one direction, as the difference is audible.
This is not always the case of course as some amplifiers like those made by Mesa Boogie get their signature tone by exploiting the limited gain-bandwidth product(GBP) of amplifiers, creating an even sound that at the high end of the gain setting is largely without dynamics.
In some cases(like the BOSS DS-1) the manufacturer killed the sound by introducing a technically better amplifier chip - the original had somewhat poor GBP and poor settling time, which in combination produced a nice lowpass filter with a resonance peak at the cutoff frequency, which in turn emphasized articulation.
It's all a surprisingly huge topic.