Not only does the long string deceive in draw weight, but in limb action too. A shorter string makes the outer limbs bend more due to the inward tension you mentioned. So using a long string that's waaaayyy too long, and for too long in the process can lead to light weight, whip-ended bows. If we're aware of it and learn to deal with it, it's a useful tool that won't lead us astray.
I use the long string, but keep it shorter. It still deceives a little, but I know that, so I don't bother to put a scale on it or look to get the outer limbs bending much until it's braced. Oh, and don't use the long string any further than needed to get the thing braced.