+1 to Andrew's 'sort of'!
As a rule of thumb, it's not unreasonable. But there are other factors that make a difference, in particular the fit of the thread. A loose fit won't be as strong as a close fit.
Where strength matters, 'Old Engineer' is sent to make tea while Stress Engineer is consulted. Stress Engineer can do the sums. Taking into account the strength of the materials carrying the external and internal thread, he can calculate the minimum number of threads at 100% engagement needed to develop maximum strength. It's not many, see half-sized nuts. If max load is exceeded he knows if the bolt will break before the internal thread strips , or vice versa. More important, he knows that cutting perfect threads is difficult, expensive, and slows down assembly. Even though they are not full strength, it is usually more convenient to make threads to be a loose fit, perhaps achieving less than 50% of maximum in the case of a cheap general purpose fastener, like those holding my lathe on its stand. Stress Engineer will balance the need for strength against cost.
Considerably more care is taken specifying and making threads for safety critical applications. Aircraft are interesting because they also need to minimise weight, leading to components being more stressed than in ordinary applications. Many aircraft have crashed because the wrong bolt was substituted during maintenance.
I'd guess that on a typical model steam-engine, and certainly most of my crude efforts, a 2x diameter rule is perfectly acceptable. Far from sending for Stress Engineer, I rarely bother even to look up the reference tables that simplify his efforts for ordinary mortals, and instead deliberately loosen thread fits by using slightly oversize tap drills, or reduced diameter rod. I do that because it increases the life of the tap or die while reducing the chance of breaking a tap in the hole. Pragmatism rules.
Dave
Edited By SillyOldDuffer on 29/06/2018 11:28:52