My job title is not representative of the work I have done during my most recent position.
This isn't a situation where my title is some quirky one that only people inside the company would understand, I would say it's very common. However, my understanding of the wider use of the job title is that it comes with some connotations, and perhaps expectations, of experience which I do not have.
I don't want to oversell myself, I just want to accurately reflect what I have done.
My instinctive answer to this question would be yes, it's fine, provided I disclosed my actual title at an appropriate time and the reasons why I altered it. This would be so no flags would be raised when contacting references.