Small polarons, formed when excess electrons become localized through lattice distortions, play a critical role in charge transport, catalysis, and degradation processes in transition-metal (TM) oxides. Whether universal machine-learning interatomic potentials (uMLIPs), which lack explicit electronic degrees of freedom, can describe them remains unclear. Here, we investigate H-induced electron localization across a range of TM oxides using a geometric descriptor based on TM-O bond-length expansion (Z-score) to identify polaronic distortions. We find that uMLIPs exhibit varying degrees of electron localization, from delocalized states to metastable small polarons, with their behavior strongly dependent on the training data and treatment of electronic correlations. In particular, the absence of Hubbard U corrections for specific TM cations in the training data leads to electron delocalization, in contrast to DFT+U predictions. Although some uMLIPs reproduce polaron hopping barriers during coupled proton-polaron transfer, all of them fail to stabilize spatially separated polaron-donor configurations, instead favoring localization near the H dopant.