100% of the genetic code of the parent is in the kid...
...Add to this that certain traits are dominant (such as brown eyes in humans) and certain are recessive (Such as blue eyes in humans) or even depend on multiple genes (such as hair color) .. it gets very tricky to grow plants from seed with very special characteristics as found in cultivars.
(1) Just to clarify your first point... there is no "kid". When you graft a scion or root a cutting, you are simply continuing the growth of the source material, albeit on new roots (either their own new roots, or the roots of a host). Some people like to think of them as "clones" but even that definition is not exactly correct. There is no different between the source plant and the cutting because they are the SAME PLANT. For example, there are millions of Valencia orange trees out there. They are ALL parts of the same tree
People take a scion, graft it, let it grow for several years, then take a scion off that material, graft it, let it grow... ad infinitum.
(2) And to add on your second point, there is also a degree of genetic variability in the source material. One reason why there are so many cultivars of Japanese Maple is due to innate genetic instability of the species. When people say that Japanese Maples will not seed true - they mean it for wild green maples as well
Take two wild green Japanese maples and cross-pollinate them, and the offspring will be all over the place genetically - some taller, some shorter, some with different leaf shape, some with different leaf color, etc. Because of this inherent genetic variability, it becomes much easier to select seedlings that show interesting characteristics and replicate them as a cultivar. I think people are of the opinion that you can't get beautiful, colorful, interesting Japanese maples from seed. Nothing could be further from the truth. You just can't claim that a
cultivar seeds true. Take two cool JM cultivars, cross pollinate them, and for all you know of the thousands of seedlings you could get some that are better than either of the parents. I've seen some amazing non-descript Japanese maples out there that look every bit as beautiful as many named cultivars... just due to natural genetic variability. Of course that means you have to grow lots and lots of Japanese maples and know what you're looking for