I think with rudimentary gear you can do *comparison* with a known sensitivity receiver, but it would be difficult to do a *measurement*, if that makes sense. But with a known sensitivity receiver you should be able to tell if a rig is operating nearly as well as the other.
How accurate do you want to be?
I found an out of cal older Motorola Service Monitor online for $300. Asked a friend who had more money and nicer gear than I did at the time to put it back to back with his HP and see if it was accurate. It was “close enough” for everything I was doing to within a dB of error, maximum.
It was old and had analog CRT and analog pots including the very precise one for the signal generator’s output marked in dB, analog meters, but everything worked on it. It was a risk buying it, but I talked to the owner and they’d taken care of it, they’d just moved on to nicer gear. It didn’t go very high in frequency but I didn’t need to do anything in the GHz at the time. UHF was plenty high.