Does the APFT accurately assess an individual's fitness level?

There are so many different ways that an individual can be considered "in shape" and "physically fit". Someone who lifts religiously is definitely in shape but may not be able to kill the 2 mile run. The same is true for someone who runs marathons, their push-ups may not be at max. And then there are those who never work out and still score nearly a 300. How would you change the APFT to better assess all different fitness levels? Is there any way to determine what "physically fit" means?