The characteristic of the built-in meter depends on the lens. Since the meter is not TTL (cannot be, because the leaf shutter is usually closed between shots), it covers a fixed angle within the finder. So the meter works selective with wide angle and integral with tele lenses and somewhere inbetween with the 80mm lens.

I prefer the AEL setting on my M7, if I don't use an external meter. IMO, the built-in meter is fine for CN and B&W. But I found it not that reliable for slides.