Not true.
By definition, not only will a Centramatic (or any dynamic balancer) balance the tire, it will also balance the entire rotating mass including the wheel, brake rotors etc., assuming enough balancing media vs. the unbalanced weight. Pick up a set of Centra's, they're pretty heavy. Centra recommends balancing tires before installing them, but it's not necessary depending on how bad the tires are unbalanced.
I know that when I put 6 oz of BB's in my 35 x12.50 BFG ATs on my 98 Dodge, I could lose wheel weights all the time (indeed that was the reason I added BB's in the first place) and not even feel it in the tire.
Same with my '85 Toy with 35x12.50 BFG MTs with about 6 oz of antifreeze in each tire. I just came home last Sunday with a crap load of mud on my Toy tires, even at +70 mph, tires were perfectly balanced even though you could hear the mud being slinged off the tires down the road.
What DBs won't do is "balance" away an unround tire or wheel. This is discussed on the Centra site.
