I am sure you know better than I exactly what the meters are capable of doing so choose one function and think of how it would be of use to the government.
My (very limited, despite what you say) understanding is that all the current technology can do is differentially charge for (total) electricity usage at different times of day and (if they ever use it) switch entire iunstallations on/off. Upgrading to 'technology with 'smarter' capabilities would presumably take another couple of decades or so, and goodness knows how many £billions.
I have in mind limiting the usage at certain times by variable rates ...
As above, differential charging at different times (according to demand) is one of the very few things that the present technology can do. To what extent that would 'limit usage' at high-demand times, I'm not so sure - I suspect that, other than for the most cash-stretched consumers, many people would probably continue to use electricity when they wanted/needed, and would merely moan about the fact that it was costing thyhem a lot more!
... and if necessary, instead of blanket power cuts, timed cuts to different premises in each location.
Yes - and, as above, that's the (one) other thing they could do with the present technology. However, other than facilitating the protection of 'vulnerable' people from power cuts, I'm not really sure what would be perceived as the advantage of that (over 'blanket' area cuts) - and I certainly don't see why the government would have any particular interest in such a practice.
In fact, in relation to both your suggestions, I don't see why government should have a particular interest in 'doing' it. If supply/demand problems arise then, as has always been the case, it's the supplies and distributors who have to address that (by power cuts or whatever), not 'the government'). The only time in my lifetime to date that I can recall the government having intervened was when, in a dire situation, they introiduced the "3-day week" in order to reduce energy demand.
Even in countries (like France) which have appreciable restrictions on electricity usage, I think that is probablty managed by suppliers/distributors, not 'the government'.
Then, of course, on the other hand there is the recouping of fuel duty when 'everyone' has EVs by charging hugely more for charging cars.
That clearly needs to be addressed, and I'm a little surprised that we have not already seen moves on that front. However, as I understand that, current 'smart' meter technology has no way of distinguishing electricity used for EV charging from any other usage (and, as above, upgrading the functionality would probably take decades/£billions).
Although again probably requiring £billions for infrastructure, probably the most sensible suggestion I've heard of would be to get rid of both 'fuel duty' and 'vehicle tax' and replace them with a charge/mile 'tax', operated by some 'smart' system. That would quite probably be no more expensive to implement than finding a way in which 'smart' electricity meters could separate out EV charging from other electricity usage.
Kind Regards, John