I have not used Phenol-Sulfuric Acid method on cellulose ever, but many times on starches and various food hydrocolloids (eg. xanthan, carrageenan, guar, etc.), and it has worked for all these (although there may be slight differences in the standard curve slope from a typical glucose standard curve). I would think as long as your cellulose is dissolved (eg. Cadoxen, LiCl/DMAC), the method should work, since it is an incredibly sensitive method so the amount of solvent (cadoxen, LiCl/DMAC) would be very slight compared to what you are adding with the mostly sulfuric acid and phenol solution. If the cellulose is not fully dissolved in a suitable solvent, I would worry about underestimating your results.