Not trying to be a smart alec, but it's the same principle. Any instrument is only as capable of producing the results of the players input. In short, yes, your multimeter is a good basic instrument and can perform a number of tests. But you have to have the knowledge to use it. I used one for years and still do in certain situations. However, as my knowledge grew I stepped up to better digital units that are easier to read(for me). Read my thread on 'Our favorite multimeter is on sale" and you'll see that there are bargains out there that will do even more. But, even that meter is basic compared the industrial/commercial units available.
On another level, your unit will be good to learn on, cause when you hook it up to voltage while it is set to ohms and fry it, you will have learned a $10 lesson instead of a $$$$ one!!