Yes. I can also add that it registers either 5V or 0V based on whether it is detecting something or not. Connecting the ohmmeter to it is not of any use.
I don’t want to dismantle it to get at the variable resistor. Regardless of any pot adjustment, there is a fixed resistance of 10k between signal cable and +ve.
It can pick up a reflector plate a few meters away which is interesting.