Depends on what you want to measure about lambda. Actually if they both do duty-cycle then they both should handle the whole book.
The oxygen sensor is monitored best with a DSO but most everything can be seen with a Multimeter. Things like cross-counts and lean-rich reaction time can really only be seen on the DSO. A qualitative judgement can be gotten with the Volt-meter function.
The systems on board diagnostics measured in duty cycle on pin# 3 of the left fender diagnostic socket can be done with the duty-cycle function of either VOM.
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