I think so, but in all honesty, it's irrelevant. Even if the game says it's a 1 bar connection, it can turn out fine and if it says 5 bars, it can lag like crazy. In my experience, the connection status is inaccurate and I just ignore it.
@Forlorn Penguin is completely right. Sometimes, I have a 3-bar connection to someone, and it lags like all hell. Then my next opponent has a 1-bar connection, and it's fine. A bit of delay, but nothing major.