That MV is called the crossline MV. It's wired correctly. It works by shorting the two output tube grids together when the pot is turned to zero. Since you are now applying the same signal to each grid the common mode rejection properties of the output tubes/OT should cancel the signal completely....... on the drawing board.

In the real world the power amp probably isn't perfectly balanced. One side will usually amplify more than the other one and pass some signal even though the grids are seeing the same signal. Therefore, you can never turn the volume completely down if there is any imbalance.
Sears used a switch to short the two grids together in their 1484 Twin Twelve. They called it Standby. Worked pretty good most of the time.
Edit... I should also say that this mv depends on the PI outputs being well balanced also. For example, if the PI puts out two equal amplitude signals that are 180 degrees out of phase and the mv is set to zero ohms, the two signals will cancel perfectly, leaving zero signal to apply to the PA. But if the PI really outputs a 20v signal to one grid but a 15v opposite phase signal to the other grid and the mv is set to zero ohms, the two signals don't perfectly cancel. After the two signals fight it out there will still be a 5v signal left over. This 5v signal appears on both grids of the PA. Now if the PA circuit is unbalanced, some of that signal will get to the speaker.