Yes, it will, provided the Protractor is properly made for the Tonearm it is being used for, and that that Arm has been properly mounted, at its correct Spindle-Pivot Distance.
There is a bit of "play", if your headhsell Slots can account for a slight measuring-mounting error.
(ie: let's say you bought a protractor that is 211mm S-P, and your arm is actually 212mm, or 210mm, you can then likely compensate at the headshells slots)
How overhang is accomplished with the MintLP Protractor, is by tracing the Arc, from outer, to inner distance. When the Stylus will perfectly trace that Arc completely, then overhang will be correct, and spot on.
Much more accurate IMO, than a Universal Sight Line Type protractor, where there can be error in interpretations of the sightline. Mark