The statement is true.
A mechanical speedometer is an instrument used to measure the speed of a vehicle. It works based on the angular velocity of the wheels through some gears, which is transmitted by a flexible cable that rotates the speedometer needle on the dashboard.
Inside the speedometer, a metal cup contains a magnet that rotates inside a magnetic field. The magnet creates a circumferential drag on the cup, which produces a torque that causes it to rotate. This drag is sensed by allowing the cup to rotate less than a complete turn against the resistance of a torsional spring. The cup is connected to a pointer, which moves along a stationary scale on the dashboard to indicate the vehicle's speed.
Therefore, the sensing element is the magnet rotating inside the metal cup, the signal modification system is the cup rotating against the torsional spring, and the indicator is the pointer moving along the stationary scale.