On the subject of Grade 8 bolts, it is correct that they are higher strength steel and that the elongation to failure is typically less than the lower grades. However, the elongation is a combination of elastic stretch and, after the material yields, plastic or permanent deformation. Grade 8 bolts have a higher yield strength, meaning they can be torqued to greater values without permanent deformation. Since the clamping force is directly related to torque (in well-lubricated joints), the Grade 8 bolts can generate higher clamping loads. That said, the Grade 8 bolts will break if torques much beyond their yield stress - lesser grades will also break of course and the material is in a stress regime where small changes in torque can cause failure.
In high-strength joints for critical assemblies, Grade 8 bolts are sometimes torqued to the theoretical yield and discarded if the joint is disassembled.
I don't know if it is still a problem, but Grade 8 and (to a lesser extent) Grade 5 fasteners were frequently counterfeited. It is difficult to detect counterfeit bolts even with extensive testing - the best insurance is to buy from reputable sources.