Looking at the "True Rate" vs "Headline Rate" graph.... The "Headline Rate" seems to be a good proxy for the "True Rate".

As long as we are not comparing them in the absolute term, what's the problem?

an unemployment rate of about 3-4% is considered "full employment" aka "we're good".

If you switch the perspective to this other rates it shows there's a lot of work to do to reach "true full employment".