That DOES let you trace the power - sort of - when the circuit does not have a problem - but does not do a good job of tracing neutrals. When not in a conduit a "fox and hound" tracer works but they are almost useless in a metal conduit. Generally finding what is ON a circuit isn't too much of a problem. Finding what circuit it is SUPPOSED to be on when it has "fallen off" for some reason is the fun part - in a building with 4 panels in it, where there appears to be no rhyme or reason to what is on what panel.
One building in particular - where I spent a LOT of time was built as a 4 unit commercial building which was developed as the office headquarters of a notorious financial planning fraudster locally (and foreclosed on before he opened the doors for business) was then redeveloped as the offices of the insurance company that was my major client for 17 years. Lots of changes were made by the developer. Then more changes were made as time went on - and I ended up trobleshooting a lot of issues. A real pain in the butt!! Complicating matters was the way some of the creditors removed equipment that was unpaid for when they came back to reclaim it - - - - - - (from the original tennant.)