You should certainly pay attention to the shape of the deflections (i.e. the "mode shape"), but the amplitude you get from a free vibration model is arbitrary.
In real life, the amplitude depends on the forces applied to the structure, but a vibration analysis ignores the forces and just tells you what modes of vibration could occur, and at what frequencies, not what modes will occur.
The shapes are important, because if you apply the same level of force to the structure, it will create bigger vibration amplitude when it is applied at the positions which move most. (The basic reason is that the force transfers energy into the vibrating object be doing work, and work = force x distance, so more distance means more work).