But - there are some guarantees. Under PAC-Learning assumptions we can place an upper bound on the expected error as a function of the number of training examples and the size of the hypothesis space (the set of possible models). The maths is in a paper called Occam's Razor: https://www.sciencedirect.com/science/article/abs/pii/002001...
Unfortunately, PAC-Learning presupposes that the sampling distribution is the same as the real distribution, i.e. what I said above we can't know for sure.
In any case, I think most people would agree that a model that can reach the global minimum of training error on a large dataset has better chance to reach the global minimum of generalisation error (i.e. in the real world) than a model that gets stuck in local minima on the training data. Modulo assumptions.
In a motion planning or controls context, a local minima can often mean a configuration or path that is infeasible due to collision or wildly inefficient.
Sorry to nitpick, but is this true? We are doing optimization here and a global minimum is just a better solution than a non-global minimum. Is there a connection to generalisation here?