I took 3 quarters of Statistical Analysis in college, got As in all 3, and started and ran 2 different Statistical Process Control programs in different companies.
In general, the OP is correct and Standard Deviation is an indicator of quality (or in this case, accuracy).
However, it doesn't seem to work all that well with guns. I have been subscribing to Handloader magazine for around 30 years and every issue has loads they tried and they include data for each one, including Standard Deviation.
What I've learned from reading these hundreds of tests is that sometimes the lowest Standard Deviation is the best grouping load and sometimes it's not. It's essentially random and not a good indicator at all.