The 'A' in AC stands for 'alternating', not 'alternating direction'.
DC is strictly stationary.
If a waveform is not symmetrical with regard to zero, then it is a mix of DC and AC, also known as AC with DC offset.
This is the whole point of PWM. We use a lowpass filter to get rid of AC (or the filtering is inherent to the load, because it simply cannot follow fast signal variations, like incandescent lights or motors). After that, there's only the DC offset left to power the load.
By changing the duty cycle, we also change the DC offset. Since it is an unidirectional signal, the DC offset is proportional to the duty cycle, which is - once again - the whole point of PWM.
If the load doesn't ignore the AC portion of the PWM, hence an explicit lowpass filter is fitted, the signal for the duty cycle measurement has to be taken from before that filter, obviously.
If a meter only measures duty cycle in AC-coupled mode, it could not distinguish between 0% and 100% duty cycle. So I would think that any meter that has that measurement capability will have to do it in AC+DC coupling mode. This same mode would also be advertised for the true RMS measurement (as an alternative to AC only coupling).