But yes....what you say is correct. In reality bolts shouldn't be in shear at all if they're done up correctly. I can add more detail later, but personally I'd think very carefully about where and how you use titanium bolts.
Edit: in reality though, when talking about an aluminium thread, I also don't think you can do a titanium or high end steel bolt up tightly enough to notice the difference. You'd strip the female thread first. Its actually a really complicated science
