Yes, that's true... For the most part, anyway. Really, the tonal character of a cartridge/stylus, along with it's dynamic capabilities and speed, have more to do with cantilever and generator design than tip profile. It's been discussed here so many times, but I'll bring it up again...
Usually, most low-end home audio or DJ conical styli have hefty bonded tips attached to big clunky cantilevers, and are supported by simplistic suspensions that require a high tracking force. For the DJ, the advantage to this design is apparent... They've got to be tough and inexpensive. The home audio conical is usually a very entry-level product that is designed as a mere stepping stone to something higher-end.
When playing conicals with these less-than-dainty cantilever/generator designs, you might hear sound that is glazed and glassy, dense and congested, dark and dull, sloppy and glaring, etc. Yet, you may find that another cartridge (like your AT) with the exact same conical tip profile might sound far more smooth, detailed, open etc. This cartridge will likely have lower mass and better controlled moving components. So, really, it is a myth that the tip is the only defining component of a stylus assembly. If a conical stylus in good condition truly sounds bad, it's probably not the tip's fault.
In some ways, I think that tip designs can be as much a marketing tool as megapixels on a digital camera. Chances are, the 24 megapixel camera that costs $79 isn't going to shoot pictures that are as good as a 14 megapixel camera that costs five times more. Gimmicks are no substitute for quality. Likewise, it's been my experience that there are plenty of conicals that outperform plenty of cheap ellipticals. (Pretty sure you could put a shibata tip on a DJ cantilever, and it'll still sound like a DJ cartridge. Put a lightweight nude .5 mil conical on an extremely rigid, low-mass cantilever, and I'll bet it will blow your mind.)
Yet, sometimes, that bottom-heavy, congested sound from the right boat-anchor cantilever and blunt conical tip is just what the doctor ordered... Nothing else can quite deliver that rockin' jukebox-like sound, or the creamy warm tone reminiscent of the mid-century consoles that records of the period were played on. For old mono/microgroove LPs or 45s, it's not just the best thing... It's the only thing!