That is probably a fair assessment of such meter types Kyle.
Unless you have calibrating solutions to check the pH meter accuracy I would not stake much on their readings since you have no way of zeroing the pH function.
Same with the moisture content, with a single probe end that is relying on ion exchange already in the soil, I would consider the accuracy suspect.
Another thing to look out for is the range of pH this meter doesn't have, it has a low end of 3 and a high end of 8, so while it does give a fair low end for acidic soils the upper end of basic soils might be above what the meter can read.
The link below is for a selection of pen meters that are far better choices for soil needs, most come with a calibration fluid and even batteries (you want battery power, trust me on this).
pH meters and moisture meters
Redhawk