No, "vaguely accurate" is a way of avoiding labels which are more precise and wrong. It's better to describe a disputed large quantity with the vague but accurate label of "millions" than choose a random scholar of unknown quality's estimate to 3 s.f as the correct figure.

It's better to summarise the Troubles in Northern Ireland vaguely accurately as "ethnic tensions" than precisely wrongly as a religious war between two schools of Christianity.

Saying gas is about 4$ right now is vaguely accurate, of course it’s also wrong. Consider the phrase “not even vaguely accurate” means it’s not just wrong it’s very wrong.

Being vaguely accurate on a history test may give partial credit, but the news should to be held to a higher standard.