No, you weren't lied to. Though they did stretch the truth a bit.
all it does is calibrate your monitor to light conditions in what ever room ur using
Only if you choose to match the monitor to the ambient room color. Not a good choice. The default for monitors is a 6500K white point, and 2.2 gamma. Which is a horrible choice since you almost never see daylight color that blue. The sun emits a 5500K white point, but that's measured in space. On Earth, the average color temperature is about 5200-5300K, according to an extensive worldwide study by X-Rite.
In printing, the default settings are 5000K, 1.8 gamma. 5000K is considered perfectly neutral, by what humans perceive as a gray that is neither bluish (higher Kelvin), or yellowish (lower Kelvin). The 1.8 gamma is used in printing to hold ink coverage down to what can be reproduced on most papers without saturating them.
Color management is not an "easy one button fix". It takes time to learn what does and doesn't work. What are, or are not the correct settings to use for the result you need. Such as, when I create printer profiles, I can intentionally make them print with less yellow than it normally should. The prints come out looking blueish and pinkish. But when put under the yellow lights of the gallery they're going to hang in, the color looks natural.
For the best results from screen to paper, profile your monitor to 5000K, 1.8 gamma. Then - and this is incredibly important - use the correct profile for the paper you're printing on, and the printer you're using. For instance, if you're using a Canon printer and Canon gloss paper, you must use the gloss paper profile Canon provides for that exact model printer. And that means using their paper. It doesn't matter if you have Epson, or another brand of gloss inkjet paper that looks and feels identical. You will not get the same results.
Beyond that, never, ever expect your prints to 100% match your screen at all times. You're limited to the inks in your printer. It cannot, in any way, print colors that are brighter and richer than the inks can reproduce on the paper you're using. You will never in a million years reproduce the very saturated colors monitors are capable of displaying. Expect very vibrant color on screen to print less so.
RIPs are more accurate, but you still can't overcome the printer's color limitations. It can only reproduce color in its range. Anything outside of that will be pulled inward to its less saturated limits.