Yes but you can’t compare ETT unless the stack heights of the bikes are the same. And unless the 27.5 has 40mm more fork travel than the 29er then the stack height will be less.
That’s not really true. Stack height has very little effect on ett. For example, adding 50mm on the stack of a bike with a 76 degree seat angle and 66 degree ha will only effect the ett by something like 8mm, which is pretty negligible given the size of the stack change, for more xc orientated bikes where the ha and sa tend to be closer, the effect is even less, as is the case for bikes that run a kinked seat tube so their actual sa is slacker than the effective sa.
In my opinion ett is a very useful judge of a bikes size, and given its one side of a triangle, it’s as valid as any other… But you have to look at all three factors, ett, sa and reach. However, if you’re looking for a quick and easy guide to whether a bike will fit you, ett is often the best option, seat angle and reach will tell you how a bike will ride better than it will fit you, likewise ett will tell you how a bike will fit you much better than it will tell you how it rides.