It will still only measure volume.
Since you know the density the substance it can easily be converted to mass. But the mass is never measured.
At that point, it’s a distinction without a (meaningful) difference, although you are technically correct.
Powder, and especially protein powder, can vary significantly in density depending on how compressed and/or hydrated it is.
I agree that measuring by volume is much more convenient than weighing out your powder. Protein/supplement powders don’t require very accurate measurements. If your shake has an extra half gram of protein powder in it, it’s really not going to be a big deal.