Hi Rob,
Yes, only for aerobic sessions, whatever form they take. HR is not a good measure of effort expended/stress on the body for strength training, climbing sessions, and other non-aerobic activities. For those, if you’re using Training Peaks to track your training, you want to estimate a TSS.

Here’s an article that might be useful: https://uphillathlete.com/aerobic-training/trainingpeaks-metrics-ctl-tss/

Jane