I think you are correct that the meter approximates a PPM, at least for the attack part of its operation. The top of the green LEDs is roughly +4 dBu on analog outputs and -18 dBFS on the AES output, when measured with a steady tone.
When I played a snare drum hit from a live recording, and adjusted levels until I was consistently hitting the top of the green, the analog PPM was reading +4 and the AES meter was also peaking to about -18 dBFS.
If you adjust input gains to light up the top of the green, you’re leaving almost 20 dB of headroom, so the danger of clipping should be nil. Whether that’s the sound you want is another matter.
FWIW, it works fine for me.
Geoff