That is larely correct, but you can play all games on the ArcadeVGA. Not all will be displayed at native resolutions but the ones that have a close resolution (ie most games) will display albeit with small borders top/bottom.
Most games are 60 Hz and for these, the ArcadeVGA has 60 Hz modes and these are accurate to 2 decimal places. It also has a couple of 53 Hz modes so most are covered.