Complaining that you can't make "serious recording" due to the meters
I didn't say that. I find the meters inadequate and prefer to use another option. The option I use is not available to the public.
However, none of these limitations are so great as to prevent extremely high quality recording work.
Audacity not going into record in WASAPI and thus not able to do a 24-bit recording puts the kybosh on "
extremely high-quality recording work".
Adjusting the level after clipping just means that you get a click (where the clipping occurred) followed by the rest of the track at a lower level, and then if there is an even higher peak, a further reduction in recording level. If the level jumped down to a lower level then there would be a further click as the gain changed. If the gain faded down to a lower level then it would be extremely fiddly to try to adjust the level back to a constant gain, and there could be multiple clipped peaks during the fade.
During a live performance you dive on the fader as quickly as possible and bring the level down. You don't have many other options.
if there is clipping, stop and start again
There isn't an orchestra conductor or bandleader alive who would stop a show before an audience of hundreds for any reason short of fire in the auditorium.
or get a professional sound engineer to do the job
No professional sound engineer including me would use Audacity for serious high-quality live recording for the reasons I've described. It doesn't have to be that way; it's up to the Audacity developers.