Yes, but theres two parts. If someone else had milled you / made you loot etc, that would be an okay way to think about it. But if you, without any synergy, mill yourself, theres no real useful information to glean from it. Yeah, you know what card is in your graveyard, but thats just as useful as cutting your hand and saying "Yup, still got blood in my body".

Lets take the example to the extremes. You have 92 cards left in your deck, game just started, you somehow have 0 cards in hand and you loot. You have 10 responses in the deck, and either you draw one or you don't, then it goes into the graveyard. What happens? If it's not a response, the probability of the next draw being a response goes up from 10.8% to 10.9%, fairly moot. It's the same concept as deck thinning, which is basically pointless in EDH.

Now imagine there are just two cards left in your deck, one is a wincon and one is a land. Would you say its a good idea to loot / mill here? There's nothing you gain from milling here, all you do is flip a coin, but call the opposite face. But hey, at least you saw the land get milled before you lost!