Yes, on-board catering in First - while certainly better than some airlines in First Class - doesn't surpass that of a semi-decent suburban bistro (and that's at it's best), let alone a hatted restaurant. You'll disappoint yourself if you have expectations greater than that.
Steaks are always more cooked than ordered (you can ask for medium rare, but it's never delivered as such), sometimes bread is over-cooked and rock hard, and for some menu items the dish delivered never matches the menu description (the "afternoon tea" is a case in point, the menu describes it as having finger sandwiches yet despite having ordered it on multiple flights it's never delivered with any although they have a weird compulsion to always give you a full tea pot with it even when you've expressly said you don't want any when you've ordered it).
Some "chefs" seem more interested in giving you a great spiel about their CV than putting effort into their food service (and not surprisingly these chefs serve very disappointing food).