Technically a scant seam is one to two threads narrower than a true seam, so I don't know that it would be a full 1/16, maybe closer to 1/32.
However, as I work through Quilter's Academy Volume I, I came upon the concept of YUMS, which I'm blanking on the exact words Harriet and Carrie use for this - but essentially it is your own measurements - so as you've pieced together a block and measured, you can adjust the next seam or cut to accommodate the dimensions of the current portion you've sewn - it comes in with a project in which you are using wider strips to create some of the blocks.
All that truely matters in the end is that you are HAPPY with your project. The goal is squareness and evenness - but how you get there and how much you enjoy the process is up to you and you can do it as you wish.
Cheers, K