If your altimeter is calibrated and correct and you are parked at a spot that has the same elevation as at the centre of the longest runway (or you know for sure elevation at your position) then yes it should match.
I fly mostly in and out of farm strips with of course no ATIS so the procedure I adopt is as you mention dial in known elevation before taxiing then check when Im in vicinity of a airport with ATIS that it matches
Saying all that, anywhere that has an ATIS is likely to require you speak to them before departure and that info will be given anyway
(speaking of UK, though should be same..... I must remember to add that disclaimer)