The segregated inputs also allow for a bit more sofisticated implementation, where the meter is able to detect with 100% accuracy when a probe is plugged to the current inputs. If the rotary selector is put at any range other than current, the meter is able to warn the user.
That beeper is usually reserved for the more upscale models, though. The cheaper models I know that feature this are Dave's BM235, Fluke 115 (and up), Keysight U123x series and the Klein MM600/700.