Hes mostly correct. If you cannot change the ignition timing at all and it doesnt knock on 91 with that timing then it'd be a complete waste to run 98 as it burns slower and costs more. But due to it burning slower and being more resistant to knock you can run more timing compared to 91 before it knocks, which far outweighs any minute gain you'd have with a faster burning fuel (91) with less timing.
At the end of the day, contrary to popular belief, 99% of standard cars arent worth putting 98 in. The extra cost simply isnt worth the very small gains, if there are any at all. If you have the ability to change the timing then you'll allways make better power/torque with higher octane fuels and possibly better economy too, but its up to the user whether they can justify the cost.
And i doubt the e10 98 would give you the same burn properties of 95 without the knock, as octane ratings are essentially a measure of a fuels resistance to burning and knocking, i'd say it'd essentially perform like 98 but maybe with a tiny bit of the cooling benefit of ethanol, which would make it slightly more knock resistant.