Although there is technically right answer, there are things you will learn to look for. A well mastered song will usually look fairly flat. Huge peaks and valleys on a complete song is typically a sign something is very wrong. In extreme cases like a huge valley between 400-800hz on a vocal track will likely sound odd. Being able to visually see this helps to zero in on exactly where the problem lies.
Another practical use is comparing individual tracks among sounds occupying similar frequencies. Kick drums and Bass guitars often overlap, causing both to sound muddy. A quick comparison in an analyzer can give you a sense of how to eq one or both to allow them lay in mix better.