A recent study suggested that meniscus surgery doesn't help. Studies can be misleading. Even small losses of meniscus tissue lead to big changes in force concentration on the tibia (shin bone) and eventually arthritis.
Total knee replacement has been a godsend for many people with severe bone-on-bone arthritis. Many of my patients are skiing, hiking, and playing sports on replaced knees at levels they have not done in years, or even decades.