Many people believe that betting on teams or players with low odds gives them a higher chance of winning, since low odds usually indicate a stronger advantage. However, they often forget that outcomes are still uncertain, and underdogs with higher odds can and do win. That’s why, in my opinion, it’s always better to carefully analyze the team you're betting on, rather than relying solely on odds. Using that strategy alone will more likely lead to losses.
You need that as analyzing the game may give you decent hint to choose who's to support or what kind of odds that you'll going to pick, like what you said not because it showing that the team have a lower odd means exactly that they will win, it's just an assessment from the possible factors that the house are using to weight in the chance of both sides, it's just an analytical system but the real outcome depends still from how the player or the team will perform to meet that expectations..