Yes, no question, but if it read near zero its meaningful but I guess my "rough" is too lenient for your stricter taste!
those old style meter designs often showed principle components dominated by harmonics, but you'd only know that with a scope. I presume the designer substituted an AC voltmeter [ probably averaging too] as low cost solution for hobbyist, better than none.
One could directly connect a Rigol or equivalent 1052E across a resistive load on the amp output and bypass the filter completely and compare A= input vs B= output waveforms, then get do a FFT on B waveforms to decipher the harmonics, then sum them as described in the Wikipedia link.
One also didn't mention the source of the pure tone needed to perform this test has to be a true low harmonic content quality sine wave!
You need a true RMS DMM as the output of the device and it will roughly measure THD using voltage criteria,
It will measure something, but not THD. Notice the harmonics aren't individually filtered for measurement. It'll just measure everything minus the filtered base frequency. So you measure a conglomerate of the quality of the base frequency filter, the accuracy of input frequency, the noise, non harmonic distortions (e.g. mains hum), everything the AV voltmeter can stomache.
I hesitate to call that measurement.