I am playing warrior on sod, and I am using two fist weapons, what I have been able to experience with this rune is that the hit bonus does not apply.
With 6% hit and the ring rune i still have a 3% chance to miss on a lvl 63 NPC/boss.

https://www.wowhead.com/classic/gear-planner/warrior/undead/BDwQMDBQATAvVQAABVJQEAUf8CkxMTdkNDU2dnQ2NnJ4NzZ2dzg2d2s5Nnd3YTZtNmI3YXFjN2MzZjcyeAEDduMCADwzAwN24gUDdL4GA3nmBwN6BwgDdMAJA3TDCgN6CAsAS30MA307DQA2jQ4DfXIPADQckAN7_gBOQpEDe_0ATkISA3yq