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Short version = No.
Long version, they do drift a lot with temp changes, material type, and material size = in this case very important.
I would venture a guess that optical sensors would be much better, or combination of the two.
The combination would be to use the proximity one for fast approach while the optical would do the slow precision part. Also could be used as a safety, say if the prox is active and Z moves over 3mm with no signal, stop and show an error ... like sensor is dirty... or tool is invisible