R-squared and significance asking, seeing, correct, remember, university

LiquidAssets10

I remember asking a professor about this at university and they basically just blew me off and said I’m not looking at it right, so after doing quant I figure i should seek confirmation.
A regression can be seen to be very significant, say p=0.000000001, so we could unofficially say it’s “accurate”, but it can still have an R2 of say 10%.  In that case it would be “accurate”, but useless.  Am I correct in seeing it this way?