What a PR Tells You, and What It Does Not
A personal record is a real measurement. It tells you exactly how much force you produced, in one position, in one direction, on one day, with as long as you wanted to set up.
That is worth knowing. It is also almost everything the number knows about you.
The narrowness of it
A max says nothing about the second rep, or the fortieth. It says nothing about whether the left side did as much as the right. It says nothing about what the joint was doing while the weight moved, only that the weight moved.
Powerlifters are the clearest case, and the sport is honest about it. Enormous absolute strength, built by specialising hard in three lifts, and a well-known pattern of asymmetry and joint problems that comes with specialising that hard. The lifts are not the problem. Measuring only the lifts is.
The two things a max leaves out
Symmetry. Whether both sides are contributing. A bar does not care which leg pushes it, so a squat will happily let one side take more, and it will keep letting it until the side doing the covering complains.
Workload capacity. How much work you can do before your mechanics change. That is what actually gets tested in a fourth quarter, on the fifth set, in month five of a season. A one-rep max never asks the question.
Get those two and a max lift becomes useful, because now it is sitting on something. The number goes up and nothing underneath it is quietly getting worse to pay for it.
What we do with it
We still test strength. We just do not treat a single number as the report card.
Left against right, both sides, joint by joint. How the movement looks on rep one against rep ten. Whether the position holds when you are tired. Those tell you what a body will do in a season. The max tells you what it did on a Tuesday.