The meters in the majority of DAWs are peak meters, with some having RMS meters. RMS in electronic speak is the effective DC amount of work in an AC signal, and is a logarithmic half of the actual peak value. So if you have a sine wave peaking a -3dB (say peak voltage is 10v) then the RMS level will be -6dB (or 7.07vrms). Why is RMS important to audio? Because RMS is a better indicator of actual perceived volume than peaks. Because there are constant varying levels of many different frequencies, the average RMS (the effective peak work over a certain amount of time) will not be the same as simply taking the peak signal and multiplying is by .707, which means, the RMS level can be independent on the mix and use of compression and the general frequency balance of the instruments.. The RMS meters are giving you an idea of the average perceived volume where the peak meters will let you know if the signal is ever going over 0db. There is a general correlation, typically, the higher the Peak, the higher the RMS up to a certain point, the mastering process will bring up the RMS without increasing the peak (and when the peak is at 0dB, you can't increase it more, so you process to increase loudness (RMS)).
What is important to know is that the peak meters in your DAW are what allow you to know your absolute signal maximums and be be sure that you never go over. The RMS meter will help get the target loudness when you are using limiters/compressors so that while you don't have any clipping, your mix will be louder.
-10dBrms is the typical target number for metal mixes in terms of loudness, after mastering, the mix should peak at 0dBFS with an Average volume of -10dBrms give or take a dB or two, as every mix is different. There was a discussion about this a long time ago, there are some mixes that sound great but you can't push them louder than -12dB before you have audible clipping, where some mixes can easily go to -9dB.