Ace, you are correct.
Between 1926 and 1930, the UP acquired 88 4-12-2's. They promised to haul freight faster and more economically than other locomotives then available. The first, No. 9000 (now at Pamona), "bore out the theoretical curves." She ran as well (or better) than her designers had hoped.
As more 4-12-2's were put to work, maintenance costs mounted. The center main rod and bearing on a cranked driving axle were sandwiched between the frame. It was difficult to reach and even harder to service. The best man to climb in there was a short, beefy guy "built like a bull." The UP hoped that training crews to operate these locomotives well would keep maintenance costs down.
Then the Great Depression hit. Eighty-eight heavy freight locomotives could not be retired or replaced. Solid bearings in the Gresley valve gear put valve events "out of time" as they wore, and that stressed the outer cylinders, running gear and frames. Roller bearings would have helped, but the 4-12-2's didn't get them. Throwing good money after bad, I suppose.
William Kratville and John Bush wrote a 2-volume history of the 4-12'2's, THE UNION PACIFIC TYPE, printed by Barnhart Press in Omaha. They included drawings of a proposed conversion of 4-12-2's to 4-6-6-2's. That was turned down in favor of early and later Challengers.
Overseas, 3-cylinder and 4-cylinder locomotives ran long and well. Some are still running in excursion service. My guess is that American 3-cylinder locomotives packed more power and weight. They exceeded mechanical limits of the third cylinders and running gear and became maintenance headaches.
Just my two cents. I'm enjoying this thread. I like talking about what might have been in modern steam power.