Not the perfect tool for the job but it can be useful as long as its got all of the protections, I do find separate tools better though, if I want to know the voltage I just grab the voltmeter and for current the clamp or ammeter.
Few years ago I bought one of those cheap yellow multimeters to play around with, and tried measuring mains voltage, the moment I probed the live contact of the socket there was a short and the multimeter exploded, I wasn't holding it so nothing happened to me. I had it on the right scale and everything, I guess it was just a terrible unit that wasn't meant to test mains even though it claimed it could.
From that moment on I just use my multimeter to measure low voltage DC and resistors and an analogue voltmeter with a series of tiny light bulbs (load) for mains, it can measure up to 500V so enough for both single and three-phase power.