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John Williamson writes, quoting geoff:

And this slow decay peak one tells you what useful information exactly ?
And a distraction of meaningless false information .

An alternative would be for the meter display showing the peak to stay
lit for a fixed time, then be replaced by the next peak and so on.

This is exactly how most people do it. See my previous note.

This would give a flashing display, which would be more distracting and
even less informative than the slow drop until the next peak.

Flashing? Have you actually seen this style of metering in operation?
The segment displaying the peak amplitude remains continuously lit for
the entire duration of the user configured peak hold time. Unless a
higher amplitude peak occurs first. Yes, there can be some movement,
but nothing even remotely close to what I would call flashing.

It is extremely common.

Or maybe someone knows a better way of doing the job of showing the
peaks and current average level on one meter?

Again, there is no need to reinvent the wheel here, this way is entirely
adequate...

Billy Y..
--
sub #'9+1 ,r0 ; convert ascii byte
add #9.+1 ,r0 ; to an integer
bcc 20$ ; not a number