Metering based on what? You don't expose for a JPEG as you do a raw, so I'm still at a loss to see what this does to help the OP who wants feedback based on the data; a raw Histogram.
I can set Exposure Compensation. But if I set it for say, plus 1.5 stops, there is going to be a big difference in the results of a JPEG vs. a raw.
Based on this definition, I’d say the Nikon feature is calibrated assuming that you are shooting a jpeg.
The problem with the feature is that it has to make a cutoff decision about
how hilight weighted the metering is. If I’m shooting a car with specular hilights in the chrome, I don’t want them controlling the exposure, I want the hilights on the paint controlling it. Or if I’m shooting a play from the stage, the highlight weighting is a large part of the image, where if I am shooting from the balcony, it makes up a much smaller portion of the image. It does not take all that perfectly into account. So like all exposure modes, you have to use it intelligently, and with practice. It’s not a magic bullet.