Hikaru's Blitz rating is 3021, while Magnus's Blitz rating is only 2992. Also, Hikaru has played thousands and thousands of games in both Blitz and Bullet, which proves his rating is accurate, while Magnus has only played like 70 blitz games and 22 bullet games.
If a lot of games proves a rating is accurate, what does a lot fewer games prove?
If you want to see who is better, compare their face-to-face matches.
Yes.
This why wins and losses are more important than rating. It's easier to scrutinise someone when you can see who they've beaten and lost to, rather than seeing a number.