Only in a very rough sense..
Drop can be influenced your bullet BC variance.
Your barrel could throw bullets any direction as it comes in and out of tune.
Your load could put the barrel on that edge of tune.
Your system inaccuracy is always there.
Certainly worth shooting still, to see how good your load performs at range.
What you say here is true, but the verticle spread indicates velocity spread more so than horizontal spread for obvious reasons. The bottom line is to strive for the tightest group load as possibe.
I disagree with generalizations about the value of ES, or that a great deal of shooting is needed for statistical value. Long range shooting should not be seen as a game of probabilities. Your not playing odds here.
To focus on your actual capability, rather than probability, you cannot deny ES.
Every shot counts
ES is of as great of value as it is accurate. Accurate ES numbers are very valuble. Inaccurate ES numbers can be counter productive leading to rejecting a good load or selecting a bad load. Most of the chronys used by shooters are of marginal accuracy. If you put them back to back with other chronys, that becomes readily apparant. The fact of the matter is that ES and SD are statisical observations which means we are in fact talking about probability. No way of getting around that period. And... the greater your statistical population the better your observations and conclusions will be IF your data is accurate. When we talk group size on a target, we're talking statistics and probability. When we are in the field on a windy day deciding whether or not to take a shot, we are weighing probability, period.
Cheers,
Mark