I won't call it misleading because Online Protection rate is still the most important part of the test even though I would prefer an AV to detect as much as possible via offline signatures and heuristics.
If the first priority is to provide a high "Online Protection Rate," then people are better off just optimizing their browsers with plugins that provide a very high denied access rate to malware containing sites, phishing, etc. Much less resources required, much easier for the user to cope with and manage, and zero (0 Euros) cost.
As I have said many times, these AV test lab results are from highly contrived tests that are designed - by intent - to show the test products in the best light possible. The objective of a AV test lab is NOT to show how weak AV and security software actually are.
It is misleading. If Microsoft and all the other AV and internet security suite publishers released their complete, real-world full infection and bypass rates and details (the truth versus AV test lab reports), nobody here would use any of them.