Yes, you are correct, just went and checked on my camera….so it is using the value to affect the visual scale you see in the VF, correct? Therefore if one is used to using the visual scale to set M exposure I see this needs to be remembered.
I’m more of a take shot, chimp, repeat as necessary and really never learned to use EC scale based on different scenes to set my M exposure so probably why I never paid much attention to this other than noticing it in the EXIF.

Yes, the analog scale. All of the above is why I rely on the two histograms and blinkies …

With love, a

That’s what I do too. Works great.