Well, the current shunt will indicate amperage calculated from the measured voltage drop across the shunt resistor - but not of course voltage. So only half the story.
Alan, I think there has been a confusing proliferation of misuse of the term "shunt resistor". The series configuration shown is a "current sense resistor". A "current shunt resistor" is something placed in parallel with a meter to allow very high currents to be measured - for example to allow a 1A meter to read 100A.