If the impedance, power out to the headphones. and the entered headphone sensitivity value are correct, it should be accurate. It's just math once you have those figures. I've got a spreadsheet that does the same thing.
You can also pretty easily measure headphones with a $20 decibelmeter and a bit of cardboard, see oratory's explanations in the comments here https://www.reddit.com/r/headphones/comments/humrj8/headphones_earphones_damaging_my_hearing/
Ive done the cardboard/meter thing with my hd6xx and it tracks what the calculations say. So now I just treat to the voltage output from my qudelix 5k as the actual volume level.