If you have a meter present especially first insert in line on a buss then the meter is showing you the sum of all the signals present on that buss. By maintaining the correct rms level on a buss then it means there cannot be any clipping or overload on that buss.
(just out of interest Studio One has K metering options on the buses which is pretty handy, ie it is all built in. They have put it there because it is very useful) I do it by not actually inserting a meter at all but by simply putting any buss into solo mode. My main VU meters are on the stereo buss but as I have all my busses sitting at unity then when a buss is in solo that exact signal is passed through to the stereo buss and hence my meter. The actual level of a buss is often lower than the reference level. Because several busses in my case may be used and will all sum together on the main stereo buss and that is where the final mix level reaches the reference level.
The idea of putting masterfaders in PT on the buses is interesting in that they can act as a metering device showing you signal level at those points.
There is no need to ever overload any buss in a multitrack digital recording system. If there is overload anywhere it means that something is simply wrong. All the tracks feeding that buss need to be grouped and dropped accordingly. The K system is a one way of keeping track of it all and it seems to work very well. If you use it there will be no overload anywhere and you will never hear distortion. The VU meters work well because even if the signal is just 3 dB over it looks way bad on the meter and very obvious. It alerts you very quickly. If the VU meters are working correctly then you are free to never worry about buss overload issues and hence you can focus on more important things.
The other thing about VU metering too is the ballistics. When things are working right the needle only just reaches 0dB VU and rarely goes over. If the meter swings wildly and even occasionally then it too becomes very visible and you need to go off and find the offending track that is causing it. Once you stabilise that signal then the VU meter on the buss will settle down again and only just reach 0dB VU as it should be. You won't see any of this with peak metering anywhere near as well.
It is good to know though that signals on busses can go over and there won't be an issue. I see that as a safety net, not the norm. My approach is to never let it happen in the first place.