I have 4 of them and been using them for 20 or so years now. Very handy tool to have.
To test the integrity of a ground, don't rely on ground indicator, instead use the probe to send power to the ground. If the ground is good it'll pop the breaker. It's not so easy on the power side. You can test for voltage with the probe, but you can't load test it. For that I use bulbs of various wattage.
Remember that a single strand of corroded wire can show 12.5v on a meter but won't carry enough current to do the work. That's why we use bulbs to actually load the circuit and prove the integrity or show where the smoke is coming from.
The probe can add power to a circuit though. In the case of a beacon that's not working, you can test for good ground, as I noted above, then add power with the probe right at the light and see if it works. You can also add a ground, or using the ground clip, you can add power and ground.