Yes, true. Thats at THAT RPM. BUT you have to take into account the EXACT RPM where the engine has it's peak HP. A Harley engine tends to make power over a wide RPM range, which allows an overdrive or 1:1 Ratio for nice highway cruising, but it does tend to have max HP at a pretty low RPM. THIS is why they don't have a lot of power.
But there is a good reason for this. Having a nice low RPM allows good fuel economy and eliminates that annoying buzz so cruising is more enjoyable.