The structural, electronic, and electrochemical properties of noble metals supported on transition metal oxides, such as Pt nanoparticles (NPs) supported on TiO2 (Pt@TiO2), have been extensively studied for their relevance to energy technologies, including photocatalysis, electrocatalysis, and electrochemical energy conversion. As the need to lower the amount of Pt and other noble metals used in energy conversion systems becomes urgent, it is essential to accurately quantify the loading of these metals and electronic density redistribution between them and their supports. X-ray photoelectron spectroscopy (XPS) is widely used for the identification and quantification of chemical species. In particular, fitting of the Pt 4f spectra for Pt@TiO2 is frequently performed to determine the chemical environment and oxidation state of Pt, which strongly affect the physical behavior and catalytic performance of this system. Here, we show that neglecting contributions due to the Pt surroundings and the asymmetry of the Pt metal peak in the line shape fitting can lead to severe mischaracterization of the oxidation state of Pt. We quantify the effects of background contributions that stem from the TiO2 support and discuss how factoring in the strong asymmetry of Pt 4f doublets, which stems from the shake-up type processes, affects the interpretation of Pt 4f XPS line shape.