Correct, although it's a variable spot from 1 to 4 degrees.
I use it in incident most about 90% of the time and in reflective/spot mode for the other 10%. I haven't used the flash meter - I just don't shoot that much flash, and to be truthful, I'm sort of dumb when it comes to measuring that.
I still that my original comment about buying a quality light meter is the correct approach, especially if you plan to spend a large amount of money on a medium format camera. Buying such a camera means that you care about image quality, so cutting corners on the meter doesn't make sense, especially because a correctly (or incorrectly) metered scene will have a big impact on the resulting negative and print.