For the love of Pete, yes, of course it does not display the *totality* of the data - it merely displays an extremely useful and workable part of it. I was speaking in shorthand, and I clarified this point pages ago, too.An EVF shows *part* of what the camera will capture. No EVF is capable of displaying the full 14-bit monochromatic luminance values collected by each photosite on a digital imaging sensor.
While we’re at it, an EVF also can’t display all 32 million pixels of the image simultaneously, either. Not that that ever matters, anyway.