Well - sure that's better than nothing.
I would contend however that this rather minuscule histogram makes it somewhat difficult to accurately tell potentially blown-out highlights, and the histogram won't tell you where precisely the blown-out areas will be.
I still think the lack of a blinking overexposure warning is a weakness. I'm surprised that a camera that was designed for very good usability and IQ can actually afford to omit this function.
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Also, the manual doesn't specify what type of histogram it is showing. Is this a luminance histogram, or does it represent one of the color channels (if so, which)? This type of histogram can lead a photographer seriously astray if he's shooting monochrome objects. Think of a rose in dark, full red - you'll be in serious trouble on such an object with just a luminance histogram.