The answer is "it depends."
What you really want is BATTERY voltage, actually at the battery.
But if you are willing to install it from a switched ignition source under the dash, and check it running/ charging with some accessories turned on, like headlights, and check it against a good digi meter at the battery, then you'll "know" how far off it might be
But if you really want accuracy, and want to eliminate the (what might be considerable) voltage drop through the bulkhead connector/ harness, then wire it through a good relay directly to the battery.
You do need it switched, because the meter will eventually discharge the battery.
If it were me, I'd probably perform the so called "bulkhead/ ammeter bypass" and first measure the drop from the battery to the blue "ignition run" supplying the ignition/ regulator. If, after the bypass is done, this looks OK, or maybe just a very few tenths of a volt, hook it to the blue "ign run" wire.
Once again, though, once you get this up and running, lights on, battery charged, fast idle/ low cruise, in other words "stable" check the battery voltage with a digi meter right at the battery, and see how it compares.