Greg, I've seen elevated metals in oil samples without having seen it in an oil filter that's been taken apart (that is standard practice at one place I worked). If the wear particles are small (almost like a powder) you can't tell where they have come from.
In the case of the merlin above, you got lucky in that there was only one place it could have come from.
I've also seen an oil filter with pieces of metal (not wear particles) in it, but very little indication in the oil analysis. Turned out there was a bent conrod which had broken the skirt of the cylinder.
The was I see it, oil analysis is one tool, that is complimentary to visual inspection of the filter elements.
P.S. the customer who has the extended TBO has also pushed their oil change period out to 100 hours, based on oil analysis results, specifically the silicon, salt, and acid readings. So you're not just looking at metal content.