No, a chain is made from lots of individual plain bearings. These wear at different rates (slightly) and manufacturing tolerances in each may be different. So some parts of the chain may be 'slacker/tighter' than other sections (commonly and mistakenly known as 'stretch'). If you tensioned the chain at a 'slack' section, then the tight part, several inches down the chain would be way too tight.
When checking, don't hold any tension in the chain with the back wheel, let it hang free and check the play in 4 or 5 different places. If you're lucky, you may get the same measurements in each place.
I've not explained this very well, have I?