Exactly, events only represent changes in state. Furthermore, you aren't storing everything in the events; the business logic on services can add and build up m

Exactly, events only represent changes in state. Furthermore, you aren't storing everything in the events; the business logic on services can add and build up models to much more than what the events hold (for example, an event could hold an id that the service uses to populate a bunch of properties into the actual model snapshot, something as simple as an order number would map to all kinds of order details).