of course there is a more exacting and precise method to analyze food, no question about it. but the average grower wandering his fields cant be sending his produce out to a lab somewhere everyday, thats why the refractometer is an indispensable tool. its not perfect and wont give you exacting precise readings, but the fact of the matter is that it can invariably tell you if your crops are healthy or not, and that is the key. healthy crops dont attract insects, unhealthy ones do.
if it doesn't give precise mineral content readings, okay, who cares? it certainly indicates healthy and/or unhealthy plants, and thats what the grower needs to know.