No, the subnet must be the one you want to access from the peer side.
Like the image I sent, if on the MX1 you want to reach the 100.x.x.x network that is on the Mx2 then your route has to be as follows.
Subnet 100.x.x.x/24 (just an example) next hop 172.16.1.2 (MX2 interface IP).
I am not a Cisco Meraki employee. My suggestions are based on documentation of Meraki best practices and day-to-day experience.
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