Knowledge graph embedding (KGE) models are extensively studied for knowledge graph completion, yet their evaluation remains constrained by unrealistic benchmarks. Commonly used datasets are either faulty or too small to reflect real-world data. Few studies examine the role of mediator nodes, which are essential for modeling n-ary relationships, or investigate model performance variation across domains. Standard evaluation metrics rely on the closed-world assumption, which penalizes models for correctly predicting missing triples, contradicting the fundamental goals of link prediction. These metrics often compress accuracy assessment into a single value, obscuring models' specific strengths and weaknesses. The prevailing evaluation protocol operates under the unrealistic assumption that an entity's properties, for which values are to be predicted, are known in advance. While alternative protocols such as property prediction, entity-pair ranking and triple classification address some of these limitations, they remain underutilized. This paper conducts a comprehensive evaluation of four representative KGE models on large-scale datasets FB-CVT-REV and FB+CVT-REV. Our analysis reveals critical insights, including substantial performance variations between small and large datasets, both in relative rankings and absolute metrics, systematic overestimation of model capabilities when n-ary relations are binarized, and fundamental limitations in current evaluation protocols and metrics.