Larry,
Let me try to answer from the viewpoint of an early CA state smog inspector view point.
You are right in assessing the value of elementary diagnostic tools, however time marches on.
The value of being able to determine the fuel mixture burnt is total range reading. Being as we are dealing with idle, low speed cruise, high speed cruise, acceleration and overrun there are a number of different scenarios that would take time invested in popping plugs for readings, after vacuum, etc. a lot more than reading airfuel mixture.
For example, let's say you get everything dialed in, plugs, timing advance, fuel pressure, and the plugs read good. A week later starts running poorly. It takes a lot less time as a diagnostic tool in giving you a direction to head in(diaphragm or warm up regulator) than starting the whole procedure all over.
Kinda like cylinder compression/leakdown test can pinpoint which area to focus on with a severely misfire, poor performance engine.
And if you want to get inside the carbs for mods, i.e. different needles and seats, diferent jets, etc. the fuel mixture gauge is invaluable as far as saving time.