That Hornady tool is incorrectly named. It does not measure headspace, it measures head clearance.
The chamber headspace is set on assembly of the barrel to the rifle using steel head space gauge/gauges.
Headspace is a term correctly used in reference to the rifles dimensions, not a cartridge.
Head clearance is a term that is correctly used in reference to the cartridge fit to a specific rifle.
Headspace can not be adjusted by the reloading, head clearance can.
I had a discussion with Hornady about why they named their tool referring to headspace when it correctly should be referring to head clearance. They said they did that because the rest of the tools on the market refer to headspace.
Terminology is important. This incorrect naming of a product (by more than one manufacturer) does cause confusion about the use of the term headspace.