This is true.
ArcPy at ArcGIS Desktop 10.0 cannot create or copy/clone graphic or text elements using the arcpy.mapping module.
ArcPy from ArcGIS 10.1 for Desktop has a clone option is available, but it is still not possible to create a graphic or text element from scratch.
This software behaviour is the same in ArcPy from ArcGIS 10.2 for Desktop where the TextElement (arcpy.mapping) help says:
The TextElement object provides access to properties that enable its
repositioning on the page layout as well as modifying the text string
and font size.
Existing text elements can be cloned and deleted. This capability was
initially added to support the creation of dynamic graphic tables. To
accomplish this, a map document must be authored with the text
elements having the appropriate symbology.