It will give the modulus.
It is worth thinking about why we are expressing electrical systems as complex numbers and the limitations of the meter. The only reason we have to use complex numbers in electrical equations is because we are describing the whole system in relation to itself. We arbitrarily selected a phase and called it zero degrees, and then described the relative position of the other phases using complex numbers. We could have chosen any other phase, or any other angle and the relative positions of the other phases would stay the same, but the math would get messier. Since your multimeter cannot see the rest of the system, it has no use for complex numbers or rectangular or polar notation because its reading is only pertaining to what it is measuring at the time. The meter is not looking at any of the other phases, so it doesn't need to describe what it is currently metering with respect to anything other than itself.