Did I just buy a clunker?

[AV8R4AA]

I pulled out the oil filter today.
I was going to install a new filter, run it for 1000 miles
and then do oil and filter.

I looked at the old filter. It was a Hengst filter and was looking a little wavy.
Oil looked decent enough to keep going.

What alarmed me was particles in between the pleats.
There is absolutely no grit, only a clumped blob.
I can rub it between my fingers and there is no substance to it.
I don't think its sludge because that is very waxy.
This stuff felt like flour.

Is this residue from wearing timing chain guides?
4.6 engine has just over 60K miles.