In theory yes, it is time giving instruction. And there may even be some value to it if instructional time is a consideration for an advanced instructor job. It may be asked on the DPE application but I am not sure of that.
But as a CFI, you already should know that it does not meet the definition of "flight training" in 61.1 nor of "flight time" in 1.1 so, for example, it is not usable for anything related to your currency or, for that matter, anything which requires "flight time."
BTW, I can't tell based on the question, but hope you are not logging the approaches flown by your students in the device for your IFR currency.