
It's accurate as far as it goes and at least it tells you how many complete and incomplete generations it is based on.
It will always be based on at least 4 generations if any parent is an import, it's a tool to be taken into account with everything else.
As I said the individuals in the pedigree and their health and qualities is what is most important, but keeping the inbreeding reasonably low is also a good idea.
What is incorrect is the breed average COI as that is based on just the preceding years registration figures, which in numerically small breeds with few litters could vary wildly from year to year, and with the inevitable frequent imports means it is rarely based on enough generations to be very meaningful re background inbreeding.