VU's are fairly useless in a modern day home system, but it's still nice watching the needles flop around. <G>
Mostly where they were handy for the casual user was recording cassette or RR tapes. There, they actually served a useful purpose, as you wanted to set the recording level properly, allowing maximum peaks without spending too much time in the red, which should indicate distortion and oversaturation. Hence, the term peak level readings.
Some meters will have a setting to "lock" the needle at the highest level until you clear it, but those can be deceptive. I prefer to just let the needle cycle, and let the mark one eyeball and brain determine the average peak by watching the meter and adjusting the input level to give you what you know works for best results. Truth be told, that may not be anywhere near where the meters think it should be, as they tend to lose calibration over time.