No you use all available titles up until a certain point as the gold standard.
The easiest way I find to remember is by using the full title of
Porsche.Dr. Ing. h.c. F. Porsche AG is the full company title.
If Ferdi was still alive and I wanted to write him a letter, I would have to write "Sehr geehrter Herr Dr. Ing. Porsche" to be completely correct but I'd probably leave the "Ing." out (although the gent formerly known as Herr Indoors still gets letters with that in). Remember, if it is likely that they have worked to get that title, then they will be proud of that fact. Leaving it out is very rude.
Using "Herrn" is somewhat old-fashioned now (although correct).
Some titles can be left out (e.g. Bürgermeister, Pfarrer, Präsident, Vorstand)
unless you believe that the person being written to would be mortally offended by its' omission.
"Sehr geehrte Frau Abgeordnete", "Sehr geehrter Herr Ministerialrat" and "Sehr geehrter Herr Oberbürgermeister" should however be used as this is the normal form. Note that in such cases, the surname is not used.
"Professor" is an unusual one as it should be included in adresses but can be omitted in a "sehr geehrte" phrase. Why? Just look at a German Ausweis. The "Dr." is always included and forms a fixed part of the name, the "Professor" is a job title and thus can be omitted such as in the case above with "Bürgermeister" etc. If you do choose to use "Professor", well I'd usually write it in fully so "sehr geehrter Frau Professorin Müller" but "Frau Prof. Dr. Müller, Hansastr. 12, 80699 München". Note: "Professor
in" unless she is Head of Women's studies of something ha ha.
In terms of Edeltitel, well then it is slightly more complicated. "Sehr geehrte Gräfin Bismarck" or "Sehr geehrter Baron Greifenklau" is the form to use,
even when "von" or "ten" etc. forms a part of the name as in "Gräfin von Bismarck". "Von" is the lesser title and thus falls away in the title phrase, it is still there in the address line though.
Good luck
Katrina