"standardised" but different "true" peak meters actually show different readings. Therefore confusing, unreilable and misleading. Here are examples:
[…]
https://techblog.izotope.com/2015/08/24/true-peak-detection/
[…]
From the iZotope link:
"To show that true peaks can become arbitrarily high, we’ll explore a pathological waveform where we can make the true peak as high as we want, by adding more samples."
But then, such a "pathological" waveform would be managed by any "True Peak" limiter. The fact that one might come up with "True Peak" a fraction of a dB different to another is neither here nor there in this context. And, by allowing some margin by restricting to slightly below 0dBTP, all should be well...
"The irony is that a meter using "better math" has nothing to do with the math used in the target device (e.g. a DAC), so meaningless."
But that is exactly the problem, what happens after "content delivery" is
unknown. The user could have a DAC that has some headroom above 0dBFS, allowing for True Peak excursions above, or they might not. The source could be lossy compressed before final content delivery, or by the end user. It could be resampled before final content delivery. Etc...
Remember that filters in DACs and SRC and other devices are not "standardised" either, and therefore potential clipping should be addressed during playback, by using digital volume control/management/normalization, not during mastering.
Peak modulation in a delta-sigma DAC tends to be very considerably below 100%. Some DAC's operate are with excursions some dB above 0dBTP, as some margin is available for this.
(BTW, there have been cases where the digital volume control in a finished DAC product was not implemented correctly, and at the maximum setting clipped.)
Don't forget that clipping can occur in the analogue stages even if the modulator is happy.
More advanced users can make informed decisions. Personally, I allow for some margin from 0dBFS sample value before the signal hits the DAC, the gain is adjusted in 64-bit float and then dithered for delivery to the DAC.
But try asking the "man on the street" what 0dBFS is... let alone this "True Peak" business...
BTW, you mentioned Realtek? Last time I looked at their datasheets, IIRC the products to which the datasheets pertained used (on-chip) analogue volume controls.