Whether rare-earth materials can be used as single-atom magnetic memory is an ongoing debate in recent literature. Here we show, by inelastic and spin-resolved scanning tunnelling-based methods, that we observe a strong magnetic signal and excitation from Fe atoms adsorbed on Pt(111), but see no signatures of magnetic excitation or spin-based telegraph noise for Ho atoms. Moreover, we observe that the indirect exchange field produced by a single Ho atom is negligible, as sensed by nearby Fe atoms. We demonstrate, using ab initio methods, that this stems from a comparatively weak coupling of the Ho 4f electrons with both tunnelling electrons and substrate-derived itinerant electrons, making both magnetic coupling and detection very difficult when compared to 3d elements. We discuss these results in the context of ongoing disputes and clarify important controversies.