Only partially. When DS was 95th percentile for height and 99% for weight, he was nonetheless, clearly overweight. But a year later, he was on the same percentiles but wasn't overweight any more which was obvious just from looking at him.
I actually used the NHS BMI calculator with correct height and weight, but changed his age and it was fascinating - at the age he was, they were all red alert, MASSIVELY OVERWEIGHT. But at this height and weight for a 12 year old, (he was 10 at the time), all perfect, no problem. So those measures aren't terribly useful basically. And in the small print, the NHS does acknowledge that their measures aren't helpful for particularly tall or short children.
What size trousers is he wearing - ie, if it fits on his waist, does it fit in the leg? Again, when DS was genuinely overweight, we could go up a few sizes to get things that fit his waist but then they would be too long. When he lost the weight, if we went up a few sizes, it all fit perfectly - waist and length. He's almost 13 now and wearing size 15 clothes, but they're fine for him and just looking at him you can see he's got no extra weight. He is 5ft7 and weighs about 63 kg (I need to weigh him again to check that as we haven't done it for a few months).
What about food and exercise? My nephew gets quite chunky before another growth spurt but SIL doesn't worry about it as this has been happening his whole life and he's very active - lots of sport - and generally eats well. And sure enough, after a few months he's suddenly taller and very slim again.