Hello Mat,
Just add a bit of information to Rogers good reply,
The device you are looking at is basically a pressure gauge that will show the bottle pressure when the valve is opened. as roger says it can be used as simple but broadly effective check for gas leaks - but it is not as accurate as a gas fitters gas soundness test equipment.
The device will only really tell you when the bottle is about to reach empty, because as long as there is any liquefied gas which will try to boil off to maintain the vapour pressure in the bottle the pressure will be fairly constant, but as roger says it will vary a bit dependant on the temperature of the bottle.
Only when there is no liquid left to boil or the temperature drops too low, will the pressure drop significantly, however for Propane low temperatures in the UK are not really an issue.
The other part of the devices description mentions "excess flow and self resetting" This suggests if too much gas is flowing possibly due to an a pipe being disconnects or breaking, the device will shut off the flow. Unless you make a mistake when fitting or this is unlikely to be of any practical use to you.