Yes, DeviceStatus.ApplicationCurrentMemoryUsage
does include the total memory the application is using: both Native and Managed.
You can ask GC.GetTotalMemory how much managed memory it thinks is used, but I've found that this isn't reliable.
As per MSDN:
Retrieves the number of bytes currently thought to be allocated.
Update:
There is a brief example of how to determine how close you are to your memory limits at DeviceStatus.ApplicationMemoryUsageLimit Property, but it doesn't explicitly call out different types of memory. I suspect that is as close as you are going to get to a reference at MSDN for now.