What tells you something is how many releases get rolled back as a % and how much rework you have. If your developers need 3 attempts to put something working in production that's all you need to know about the quality of the reviews and tests. High or low coverage, what you need to look at is actual issues.

All you need is a bit hyperbolic, because you also need to quarantine flaky tests and other things, but coverage as a whole I think is useful only if you have an engineering organization that doesn't see the point in tests - which is going to be its own uphill battle.