An extreme case is the man with golden teeth shown above. The incident meter reading is "right" but the teeth, being very reflective, can fall outside of the film "good" range of densities. (That case is a bit different because we have a specular reflection in that image, but you get my point).
For not extremely white or not extremely black subjects you can trust the incident reading "as is"*.
* And I do continue thinking that 2F/2F is basically right on how to use the incident light meter.