The Analyzer is mostly designed as a quick smoke test to see if your DSP even roughly works as expected, and it serves that purpose quite well.
The Analyzer does not work well though, if what one is looking at is bass, especially low bass. I have found it to be extremely inaccurate at low frequencies: indicating the presence of signals that are not there, and not indicating the presence of signals that are. The former problem is I suspect tied to the fact that the trace always wants to run off the left edge of the screen. At high frequencies, if you extend the chart to 30kHz, you can see the trace run to 0 above 20kHz. It never runs to 0 in the low frequencies.
All the other VST plugins I have tried (both FFT and filter-bank based) don't have this problem, and are much more accurate in LF than the MC Analyzer. I'd think this could be easily corrected.
The Seven Phases Spectrum Analyzer gives an old-school display and is a lot more accurate below 100Hz, for instance.
https://sevenphases.wordpress.com/spectrum-analyzer/Here's an example of what I'm describing. Notice how MC's Analyzer indicates one peak at/below 120Hz, while the other analyzer clearly shows 3 separate peaks (30/60/120Hz) with the largest of these actually being the one at 60Hz. MC's analyzer shows only the 120Hz peak: the others are missing. In MC, the curve should rise as frequency drops from 120 to 60Hz (since the 60Hz peak is almost 10db higher) but it does not.