Yes, if you connect the voltmeter to Dir pin and the common of the axis in question then you should get 5v jogging one way then 0v the other.
If you connect to Step pin and common pin then depending on active Low setting you will either see the voltage at zero and increase a bit as you jog or see 5V and decrease a bit as you jog. Best to start at the cable if you disconnect from the BOB, you will likely have to change the active state of Limits and E-Stop though so you can do that. If its working from cable then you can test out further.
Hood