That is not true at all. My previous company was paying every single hour of overtime at a double rate (be it after work hours or weekend work). But they also had a late counter where at 8 hours of missing work, you'd get 1 day of pay taken off.
My current company does not pay overtime (though it's rarely needed anyway), instead it's up to us to use those overtime hours to skip work at some other point. Like if I do 3 hours of overtime on tuesday, I can leave 3 hours earlier on friday or rather work 3 hours less, since we have a flexible schedule.