Yeah, I remember that – he basically said that the word might appear on the page but not in the results description. And that's BS, because it used to be that the description of every result contained at least one bolded token included in the search query.

If this is no longer possible, it's only because they're cheaping out on hardware and not actually indexing as much of the page as they could (no way to retrieve the matching token because it's not saved, but they can still match on it). This probably also leads to diluted results.