I don't even
exactly know what the V
pwm (or is it VPWM) measurement is? Nor do I have the 196B model. However, Scopemeters in general often have different sets of measurements in scope and meter mode, so perhaps that explains the discrepancy--can you show more of the manual? Or, perhaps the manual is wrong or the feature was added in a software update or

From a different Fluke Scopemeter manual:
Vpwm
Purpose................. to measure on pulse width modulated
signals, like motor drive inverter outputs
Principle .........readings show the effective voltage based
on the average value of samples over a
whole number of periods of the fundamental
frequency
Accuracy ............................ as Vrms for sinewave signalsAnd reading that I'm still not clear on exactly how V
pwm is calculated, but it appears to be an alternative to RMS, adjusting for the load being a motor rather than a heating element.
So feed your scope a PWM signal of some sort from an AWG, check the box to select that measurement and see if it gives you a reading.