Yes, unless they are looking down, or away, speaking to someone else (or busy with their kids, dogs, etc...) or looking at/ or on their phone. I too do the finger lift on country roads. If my hands are full when walking my dogs and someone waves I give a nod
or a chin lift.
I find it rude if some one interrupts me while I am doing of the above. I have had it happen, and oh it is so rude to get into someone's bubble for your own gratification. Most people are not that clueless though.
At one time I knew a woman who would interrupt people out walking (and talking to their walking partner) to say hi. She thought I was rude for not doing it, but 90% of the time they would just stare at her, and keep walking, not happy either.
If someone interrupts me in that manner I do not acknowledge them at all.