Yes, to show the auto-complete item will allow the user to find out that there are no results quicker than they would if the item did not display. To illustrate I have provided 2 scenarios:
Scenario 1 (auto-complete items are shown regardless of the number of results):
- User types first words of search terms
- Auto-complete shows some suggestions
- User selects auto-complete item before finishing search terms
- The search results view is displayed with no results.
Scenario 2 (auto-complete items are not shown if 0 results):
- List item
- User types first words of search terms
- Auto-complete shows some suggestions, but because there are no search results for the auto-copmlete item the user wants it is not shown.
- The user keeps typing the rest of his query
- User performs the search
- The search results view is displayed with no results.
Now you could improve Scenario 1 by showing in the auto-complete item the number of results. This would allow the user to see that there were no results even faster.