IGF‑1 does vary a little over 24 hours, but the swings are small compared with GH pulses, so a single properly timed IGF‑1 test is still meaningful. GH is secreted in sharp pulses, with a major peak around deep sleep and very low levels between bursts. Circulating IGF‑1 is made mainly in the liver under GH control and is released in a much more tonic fashion, acting as an integrator of average GH exposure over days rather than minutes.
But to add to a little confusion, this is serum IGF-1, not tissue IGF-1. Serum IGF‑1 is biologically active and can act on muscle, but most of the hypertrophy‑relevant signaling in muscle is driven by IGF‑1 produced locally within the muscle itself rather than by the circulating pool.
To answer your question, yes, serum IGF-1 is relevant (enough).