I have a prediction model that will predict Boolean output .this model outputs two values predicted output as Boolean as well as a floating point (suffixed with "_mo"). here this model output is observed as in range of 0-1 can I use this value as percentage.
The _mo values represent the actual output of the model and is converted to Boolean 0 or 1 .
So, yes, it can be seen as the likelihood to be 0 or 1.
For example _mo = 0.005 is very likely to be 0 while _mo=0.4 is less likely.
Note also that the threshold to decide 0 or 1 is not always 0.5 and depends on the models .
https://www.ptc.com/en/support/article?n=CS295008 gives information to find the actual threshold used.