Oh yes, if the lightmeter is inoperable under the Fv with all manual settings that is odd/broken. I would suggest finding a Canon forum/contact to send feedback that this needs to be fixed. Perhaps others have already seen this and you could add your voice.
I like the idea of Fv, essentially you can make it change to A, S or M (or even P) without actually having to switch Modes which I think would be faster.