It's not cut content if they never got around to adding it. I think that's what happened -- stuff that they planned for just didn't get made.
Maybe they made a few assets here and there, like enriched infernal iron but, in the end, that never really got anywhere.
So they're likely telling the truth. However, that doesn't change the fact that two fetch quests and a boss fight are a far cry from anything that they would consider a fleshed-out questline.
