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Absolutely. But for domestic, where most of the big loads are resistive, it's a reasonable assumption.Unity power factor assumed?
And if what you're interested in is loading of cables and overcurrent protection, it's the current that matters (which is what's being measured).
Obviously, for a more comprehensive picture, then a 'proper' monitor with voltage connections, showing power factor, VA, VAR, etc., will be required, but for many purposes, a cheap 'current only' device will do the job.