If it were just a voltmeter on the end of the wire, I would agree, but the bit of wire feeding that volt meter has a 30A fuse in it, so I would imagine there is more to it. That same fuse supplies the ignition switch, so also the ignition and injection systems. On the three way spade connector, there is evidence of heat in that wire too, close to the spades.
Or to put it another way, the voltmeter can only measure the voltage on the end of the wire to which it is attached.