do food & drink labels tell the truth

It’s regulated. If they are found to be untrue the manufacturer is fined or face legal action.

It's all twisted since there are different grades of ingredients, also the not so good things are printed in such a way that it will hardly catch the attention of the reader

I think the ingredients listed are generally accurate, but they can mislead you using portion sizes. If they want to show less sugar or no trans fats, for example, they can reduce the portion size on the label.