No, not true. It does make the trunk thinner and less strong, but does not make the tree grow taller.

Resin

What limbing up will do is make a shrubby bush look more like a small tree, giving more light and room under it; give walking/lawn-mowing clearance under the tree, or let in more light. It will have little effect on the ultimate height, although the perception may be that it is taller.

Red-bark or Coral-bark maples are frequently cut back hard in late spring, but this is because the new growth has the most color, not because of the growth effects from pruning.

Most trees can take up to 3 years to settle in and start to put on lots of growth, so I would be patient for another year, making sure to give adequate water in long, droughty spells.

One of the effects of hard pruning, due mostly to the fact that the root system remains from growing the mass of branches and leaves that were cut off, is that you can get a LOT of new growth. It is usually more twiggy growth from the ends that were cut, not lots of nice long branches, but you can also get so-called water-sprouts, vertical growths mostly coming off more horizontal branches. These are usually regarded as weak, and usually spoil the over-all shape, so are usually cut off when noticed. If left, it can take a few years for them to settle down into attractive growth; many never do.

do you want a tree-form or a bush-form? I want a tree to look like a tree and prune the lower branches to give that look and allow me to walk under the branches. On the other hand Japanese maples can look great if allowed to remain squatty and one prunes to bring out the branch structure. Any dead wood should be pruned out now. In the spring both can be pruned to enhance their look.