Probably not. Soil moisture meters need to be calibrated to even read soil water - the amount of non-available water in any soil changes with clay content (and other things) .
See the soil water section of www.bettersoils.com.au for basic info on water in soil.
I have a gravimetric electronic sensor which is self calibrated and ready to use. It calculate soil moisture percent directly on dry weight basis at a depth of no lower than 10 cm.
The sensor I have is gravimetric self tested and calibrated. It's ready to use in field to measure soil moisture content percentage on dry weight basis.
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Water in garms/ dry soil in grams
The only calibration I made is to multiply the record with soil bulk density measured to find a volumetric soil moisture content record.
I just used it after sample full saturation and 48 hours full drain to get moisture content at field capacity point.