I bought my ME in 1977, and the lighmeter is centerweighted. But it also measures the whole frame, but the centerlight influence the speed of the shutter most.
The best is to go close to the subject, like a persons face and see which shutterspeed the camera choose. (Remember that ME has stepless shutter form 1/1000 to 30 seconds. Meaning if it says 1/250 the actual speed is maybe 1/220.)
So lets say you get f2.8 and shutter 1/125 when you point the camera close to the face. You go back to get more of the surrondings, and the camera tells you f2.8 and shutter 1/1000.
If you turn the knob to 2X, the shutter speed will show 1/250, a step too little. But jf you use film with ISO 200, just set the ISO to 100 in addition, and the shutter speed will be 1/125. The persons face will be correct, but the rest will be overexposed.
You can manually set the ISO speed to 12 ISO. (Actually 12 ASA, the old film standard after american standard. 200 ISO is 200 ASA, or after german standard it is 24 DIN.)
So with the 200 ISO film yoy can get 4X or 1/8X by setting the ISO in stead of using the knob that limits you to max 2X and 1/4X.
Moving from 200 ISO to 100 ISO is 1X, further to 50 ISO is 2X, and down to 25 ISO is 3X and finally 12 ISO is 4X.
Going from 200 ISO to 400 ISO is 1/2X, further to 800 ISO is 1/4X and finally up to 1600 ISO is 1/8X.
I'm so old that I shoot sometimes with the Kodachrome 25 ASA (ISO). If you set the fikm speed too 25 ISO, you will notice that you can just turn the knob to 2X, no further. The lightmeter goes form 12 ISO to 1600 ISO. So the knob marked with 1X, 2X, 1/2X and 1/4X is actually just changing the ISO-setting. But in a way that is easier too spot, than changing the ISO-setting as when you change to a different film.
But the ISO-setting from 200 to 400 has two small dots, indicating that you can have even more options than just 1/2X and 1/4X.
So your ME is more flexible than you might think in adjusting the speed of the shutter.
At last if you could shoot with an old Kodacrome 25 ASA (ISO). By changing the film speed you could underexpose six steps! Set to 50 (1/2X), to 100 (1/4X), to 200 (1/8X), to 400 (1/16X), to 800 (1/32X) and finally to 1600 (1/64).
And if you had a 1600 ASA (ISO) film you can actually overexpose seven steps. Set to 800 (2X), 400 (4X) 200 (8X), 100 (16X), 50 (32X), 25 (64X) and 12 (128X).
https://en.wikipedia.org/wiki/Film_speed