Actually, I think it's identical to your item. What you are saying is that it's essentially a DVM that calculates power by directly measuring the AC voltage and using an AC clampmeter for the amps.
Yes. The one I have has multiple modes that are cycled through with the Up/Down buttons: kW, Volts, Amps, Hours, and kWh (a usage count that can be reset-- handy for determining mining power cost).
It is a nice cheap gadget, but like I noted before, there is some risk with how the micro is powered. Using a cheap unknown sourced capacitor in that reactive supply is asking for trouble. I would keep it away from wood just in case. I have over 7000 hours on mine with no problems, but I still don't consider it safe.