It's just the passage of time that has rendered it misinformation. Until not so long ago, Gmail messages were actually scanned for ads -- IIRC, Google was actually pretty upfront about it when they first launched Gmail, and explained that it's how they could afford to give users 1G of inbox space in a day and age where 25 MB was pretty good and 100 MB was pretty hard to get for free.
They eventually stopped, although the phrasing of the privacy policy is vague enough that, as wodenokoto mentions above, I wouldn't be surprised if email messages were still scanned for some advertising purposes. The fragment on the page you link to is only about ads shown in Gmail, doesn't exclude using keywords and messages for tracking, classifying etc. (it just doesn't use them "to show you ads") and doesn't actually exclude using programs to process messages (i.e. you can still reasonably say that "nobody reads" messages if you just feed them into a program). It's also not very obvious if "messages in your inbox" also includes messages you send.
FWIW, I think the policy is deliberately open-ended so as to be future-proof, but I doubt emails are an important source of advertising data today, so I think it's likely that Google doesn't rely on it that much anymore. Most sources of legitimate (i.e. non-spam email) that are useful for advertising -- e.g. online shops and the like -- already track you and show you ads, and Google is already deeply embedded there. Millions and millions of personal accounts are an useful strategic asset to have but I think there are better sources of data.