The filter will catch small flakes and smaller bits.
It won't catch microscopic particles--there will be particles that are too small for the filter media to trap. And those will actually be the majority of the wear particles under most circumstances. They're generally small enough that they do not cause extra wear, unless there are a whole lot of them, at which point they can start acting like an abrasive to some of the other important bits in the engine.
Iron particles are relatively common. Chromium is not, and when you start seeing lead and tin and copper you know you have started chewing up your bearings.
-soD
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