As long as you use appropriately insulated banana plugs and a suitably insulated cable, it should be okay. I had a Fluke test lead of a similar arrangement, though it was double insulated (PVC mains flex type) over most of its length and only split into singles over the last 10cm or so.
Compared with silicone test leads, I think I would preferentially use some mains flex cord (with heat-shrink serving as second insulation of the inner cores where the outer jacket is removed) because it offers better strain relief at the plug end... and accidents happen.
With that meter, please check whether it has a suitable over-voltage category rating before considering connecting to "real" mains voltages though.