I've used it to set azimuth and found it to be a bit complicated and difficult to get reliable results. The readings offf the multimeter seemed to jump around. At best, I got approximate readings.
My own preference is to insist that the stylus/cantilever assembly be aligned perfectly (by visual inspection under magnification. I then do a visual alignment, with the goal of perfect perpendicularity of the stylus to the record surface. This I do by lining up the cartridge with its own reflection on the record surface (when viewed head on) while the cartridge is in the playing position.
My own preference is to insist that the stylus/cantilever assembly be aligned perfectly (by visual inspection under magnification. I then do a visual alignment, with the goal of perfect perpendicularity of the stylus to the record surface. This I do by lining up the cartridge with its own reflection on the record surface (when viewed head on) while the cartridge is in the playing position.