I don't know where you got this info from, but unless things changed since 1998, then no. Ogre was high tier, but True Ogre was low tier. Ogre's range and power with his legs made him formidable and confusing. True Ogre had stubs for legs. True Ogre's unblockable punch move was garbage -- plenty of ways around it. The Owl hunt was avoidable, and the fireballs useless.
He, like Kuma, could be hit on the ground by all low and some mid moves for massive damage. Just getting up was a chore, and again, Owl Hunt didn't help.
First few weeks were a rough learning curve, but once our Tekken 3 players were seasoned, even our best players couldn't hope to win a match with True Ogre in the weekly arcade tournaments. Too many punishable weaknesses.