It’s correct. The odds mostly reflects on where the bettor put their money especially if the game is near to start. We are talking about odds here before the match started.
But once the game was started, odds provider adjust it back to the true probability based on the game. I think they are using some bot or AI that automate the odds adjustment based on the actual game condition.
I've noticed such things occur and most times I still don't trust the odds to deliver anything that's why I often take the 2.5 or 1.5 option since
for me those are much more safer picks and I'm
also not an avid fan of straight wins.
I feel that what you mentioned in your last line might just be the way it is.