It will depend on what the excitation voltage is of the meter.
My 34401A bench meter uses 2.6 Volts. Enough to forward bias some LEDs, but not all. So a low voltage LED would show something forward biased, but open if reverse biased. It would be useless for a string of LEDs as the individual forward voltages add.
The excitation voltage from my Tek DMM916 hand held meter is only 0.8 Volts. So it wouldn't forward bias any LED. A yellow LED I just checked showed open in both directions.