I can see the advantage of the histogram over the flashing blown highlights indicator when the exposure is less than the maximum possible: the histogam can show you how much headroom you have, so that you can judge how much to increase the exposure level.
But as a detector of blown highlights, is not the flashing highlight indicator as good or better? It can have the advantage that you might see that the blown highlights are only specular highlights in small enough pieces to be acceptable as pure white on the final image.
Then again, my suspicion is that in most situations, the even simpler and better solution is bracketing. That lets me do all this reviewing with the far better tools of computer based image analysis software (like accurate RGB histograms), and also gives me the ingredients for blending if that is the only way to salvage both highlights and shadows.
In less than the time that it takes to review the histogram and take one more shot, a suitably designed camera could do burst bracketing over +/-2 stops at 1/3 stop intervals.