What we used to have to do manually, is something which computers can do far more accurately, in far less time.
They are not just close, but are amazingly accurate with their microphones in the listening position(s) as required. Moreso, the units which take readings from multiple locations get more and more accurate with their readings and how the receiver is setup.
Originally I went with both manual setup and auto setup on units and eventually found that the auto setup was doing exactly what I wanted it to do at the base level, then I might go in and tweak some settings.
For example, I just had a client who wanted to reuse his old speakers which had integrated 10" or 12" woofers in the speaker. As most modern speakers don't include the large woofer, these speakers were a mis-match to the other speakers in the room and ended up sounding bassy. My client didn't like it, so I went in and adjusted the crossover up a bit on that speaker to get it to sound more similar to the other speakers in the room.
Immediately he was happy with that change and the bass extension which the speaker could handle, but made it sound odd, was removed from the speaker and dumped back onto the subwoofer.
So, it's still important to know what you want to hear and how to adjust things, but the use of the audio meter basically is no longer required for the setup of a surround system.