The short answer is "No", it is not standard R/T phraseology as per MATS Pt 1. I would severely beat a student with a flight progress strip-holder for saying that. It is ambiguous as you say. Some other countries use the phrase "cleared ILS approach, report established", which clears you for the whole approach, including the descent on the glidepath. In the UK we do not. The following format is the preferred (and taught) method:-
engage instructor mode
"Callsign turn right heading 230, closing the localiser from the right, X miles from touchdown, report established."
When the aircraft reports established (on the localiser) "Descend on the ILS, QNH is xxxx, airfield elevation xyz feet". Distance from touchdown may be included.
Standard phraseology may not sound "cool" to those who watch too many movies, but everybody stands a fighting chance of getting the right message first time. Final approach is no time to start a debate on the flight deck about what the controller meant by that instruction.
instructor mode to standby