From my dim perspective this is a manually tuneable spectrum analyzer that will lock onto and track a
slowly changing frequency over a
very short bandwidth (each freq. range). But it outputs a square wave at the tracked frequency and also the meter amplitude so you could graph a spectrum. The frequency output can be used as a trigger filter for scope sync to enable triggering on a very small (specific frequency) signal in much noise, or just fed to a counter for more accurate frequency measurement.
Selective voltmeters with sweep seem to be the next step up and can go to even lower values like 0.1µV full scale. But the 50nV/div of the 3410A is more than enough for my needs
The
HP journal article shows some of the versatile uses of this meter