I think that interpretation is too strict. The standard is fairly clear on what the result of undefined behaviour might be, defining it as:
``behavior, upon use of a nonportable or erroneous program construct or of erroneous data, for which this International Standard imposes no requirements.
``NOTE Possible undefined behavior ranges from ignoring the situation completely with unpredictable results, to behaving during translation or program execution in a documented manner characteristic of the environment (with or without the issuance of a diagnostic message), to terminating a translation or execution (with the issuance of a diagnostic message).'' (italics mine)
This sounds like a long way from "meaningless" in my book. To my reading, the purpose of undefined behaviour appears to be to avoid unduly constraining implementations by not mandating behaviour that could be inefficient, costly or impossible to provide.
You (or anybody else!) may disagree on how far this inch given could or should be taken. But I think the fact the standard explicitly suggests that undefined behaviour could do something reasonable is evidence that programs producing undefined behaviour do not necessarily have to be considered meaningless.
(As a concrete example I have worked on one system where NULL was a pointer to address 0, and where address 0 was readable. Not only that, but in fact address 0 actually contained useful information, and some system macros used it. It was some kind of process information block and so there was a whole family of macros that looked like "#define getpid() (((uint32_t * )0)[0])", "#define getppid() (((uint32_t * )0)[1])", that sort of thing. I'd say this is rather odd, but the standard would appear to allow it. (However, perhaps needless to say, gcc was not the system compiler.))
(See also, the approved manner for using objc_msgSend, since time immemorial.)