The reading really does not tell you anything useful.

I do not know if you know how the 240 volt electrical works so I will try to explain what this.

The 240 volt electrical that comes into your house is actually two 120 volt supplies (L1 and L2) that share a common Neutral/ground.
They are 180 degrees out of phase so when one side is positive 120 volts the other side is negative 120 volts so if you measure between them you get 240 volts.
This is the what is used to power the heater.

So if the circuit from the heater through the timer to L1 is OK then whenever the timer is on a heat cycle you will measure 120 volts when referenced to ground (L1). Timer contacts and the thermostats are all closed.

Now if the timer/thermostats side is no good but the centrifugal switch side is OK then whenever the running(drum is rotating) you will also measure the 120 volts to ground (L2)centrifugal switch is closed.

Now lets say that both sides are OK then you still measure 120 volts when referenced to ground. L1 on one side and L2 on the other side but now you do get 240 volts across the element.

Your measurement tells you that there is something wrong in the cicuit but does not tell you on what side of the heater is the culprit as you have no way of knowing whether you are measuring L1 or L2.