If you are measuring the power of an amplitude modulated signal then you can use the diode detector to look at the modulation.
No a great deal of use but handy to check if what you think is a CW signal has any unwanted AM on it or if you want to look at the rise and fall times as the RF is keyed
The probe part is effectively how tightly the diode is coupled to the signal.
I'm not sure but I would suggest, set it for 100% on the meter to measure modulation.
Set to zero when not using the diode to avoid overload and diverting power from the main wattmeter.
Jim