This comes up pretty regularly, so I thought I'd post a simple comparison of measuring track voltage with pure sine waves and chopped waveforms using both standard meters, and true-RMS meters. To double-check the results, I fired up my 'scope to verify the results and to view the actual waveform we're measuring and comparing.
If you're measuring a pure (or fairly pure) sine wave, most meters do a decent job. This is from a pure sine wave transformer, but the TIU has a short spike of power that accounts for the small blip in the waveform. The blip is due to the TIU drawing power briefly to charge it's P/S capacitors each half-cycle. However, it doesn't really affect the measurements, so I left it.
First is the sine wave, note that all the measurements are within a couple tenths of a volt, not bad at all, and what we expected.
Cheap Digital Meter
Fluke true-RMS Meter
Rigol 'scope Measurement
Now, let's check what happens with a non-linear waveform, one generated by the TIU variable channel at half throttle, it's power input is a pure sine wave, but the output of the TIU variable channel is the classic electronic transformer chopped waveform.
Cheap Digital Meter
Fluke true-RMS Meter
Rigol 'scope Measurement
As you can see, the bench Fluke true-RMS meter and the 'scope agree within a few tenths, but the cheap digital meter is out in left field at 40% error!
FWIW, this not only applies to voltage measurements, but if you do current measurements, you'll see the same errors trying to measure AC current of a non-linear waveform with an inexpensive meter.