When using low frequency pink noise to level match a sub, should placement matter?

Depending on its position in the room, the sub may sound more or less loud to a meter at the same gain setting. However, once the sub gain (or trim) is adjusted to compensate, so that the meter indicates the loudness of the sub is the same as the rest of the speakers in the room, you'd end up with more or less the same result regardless of where the sub was placed. Wouldn't you?

To be clear, I do understand that placement does matter for a sub, just not how it matters when level matching relative to other speakers with pink noise and an SPL meter.