He's right. Octane is a measure of gasoline's resistance to burning. It's possible for gasoline to ignite before the spark plug fires. It's called pinging (or pre-ignition). It sounds like a rattle or cackle under high load. Excessive pinging is really bad for the motor. It can blow out head gaskets, crack rings, melt pistons, that sort of thing.
To solve the problem, a lot of cars now have knock sensors fitted. If they note pinging, they retard timing and richen up the mixture to compensate. Later M42's do, but IMHO neither version of the motor is all that vulnerable to pinging.
I've used all grades of fuel, haven't felt much difference in my '91 M42. Several brands of 93 seem to provide the best fuel mileage. It's not much, maybe 1-2mpg highway, but definitely repeatable. I suspect some 93 octane is mixed with less alcohol, perhaps using superior additives?