Hah, that is the classic saying. I've been trying to pick up French cuisine lately myself.
It is true to some extent, but not that bad. If browning or sauteing, oil can be substituted in place of butter, to reduce the saturated fat. I've had success too with reducing the amount of butter by 1/3 and still getting much the right texture/flavor.
It seems a lot of the butter/cream gets used in sauces or creamy soups. The cream isn't as bad as butter, as it's about 35-40% fat. As for poaching liquids or buttery sauces, you don't eat all the poaching liquid (some will be used for a sauce or nage), and sauces are applied in moderation, due to their concentrated flavor. (Last night I reduced 3C wine and 2C stock to less than a cup.)
Where the saturated fat and cholesterol really seems to hit is with souffles, custards, creme anglais, pastry doughs, etc., especially due to egg yolks. But I'd rather eat one of those once a week than a twinkie.
The other thing to keep in mind is that when a recipe calls for a stick of butter, it's probably for at least four people.
Also the French know about portion control. :-)