> ...is this meter any use to me for working on my amps in the future?
Utterly useless. But don't throw it in a landfill. Send it to me.
> Why do most manufacturers not build all their meters in the RMS style?
I remember when it was a $200 chip. It's probably $2 now. But they still need need a way to differentiate $50 models from $100 models. So you will never find RMS on the Champ/Pinto end of the model range. It's held-back until you get to the Buick/Bandmaster end of the row.
> ...get RMS voltage from the peak voltage by multiplying peak by 0.707....
ONLY for Sine wave.
And if measuring Sine or Sine-like waves, you do NOT need to do the 1.414 dance: it's in there.
Seriously. You do NOT need RMS for much.
DC is always RMS.
Most audio is tested with Sines. *ALL* meters read the RMS of a Sine-- otherwise they would not give the expected number for Wall-Voltage.
When we distort audio into non-sines, the "RMS" number shown by an averaging meter is not the true heating power. But we don't really care. We can distort as little or as much as we want. On stage, whatever the moment calls for. Who cares what the silly meter says? We are not asking for "precision".
Yes, if you crank a "5.7 Watts clean Sine" amp into total overdrive, the RMS meter will correctly show the ~~10W of heat available to the speaker. And an Averaging meter will show a number so very close that the difference is insignificant.
The major "other" type is Peak (better, Peak To Peak). If aiming for clean, P-P is better than RMS because it shows if your peaks are within the amplifier's capability. If testing for overdrive, P-P may be misleading because the P-P number stops rising when clipping begins, while Ave and RMS keep rising as the waveform gets all bent and phattened. OTOH, this means a quick-test for clipping power is to wind the P-P up until it won't go any higher, and round-down.
One place where RMS may be "needed": calibrating SCR lamp dimmers. We need to know the heat in the lamp at 25% 50% and 75% fader setting. The SCR chop-wave is VERY un-sine-like. An Averaging meter will get you in a ballpark, a smooth fade; but your new-fixed dimmer won't track the factory calibrated dimmers. In a "fade to black", the mis-calibrated dimmer may ghost when the stock dimmers are essentially dark. Lighting Designer whines about that.
If you have to run lamps and heaters on UGLY waveforms, like taps on TV CRT H-sweep systems, you need the RMS number. Hope you never care. If you do, rig a lamp from ugly-power and lamp on pure DC, compare brightnesses.