Yes, he absolutely preserves meaning. If you were listening without looking at the page, you would not know he had misread.

Technically speaking, though, these are "calling errors" or whatever. Any teacher with any sense would see that he is an incredibly good reader...but...(sigh).

I should perhaps mention that he has been reading in his head for months and months. (I might be able to look back and see when that transition occurred.) He doesn't get a lot of practice reading aloud.