Turns out it does report values at their targets (which is desirable) but doesn't know or indicate that they're anchors (undesirable).
Also tested something with yq - if you tell it to edit a node that is actually from a yaml anchor, it updates the original anchor without warning you that that's what you're doing. Yikes.
(For anyone who wants to test it: https://pypi.org/project/yamlgrep/)