The answer depends on your target market but 95% of the time the answer is going to be "no". Nobody wants to install and connect a terminal program. Certainly not since Hyperterminal stopped shipping with Windows more than a decade ago.
Usually the answer is a program you write yourself which looks like a regular window and connects to the device over serial behind the scenes. If you can make the connection automatic (scan every available COM port until your device responds) then that's good although most people will accept a "select COM port" option.
VT-100 terminal with ASCII line art? Nobody wants that.