In my view, of conventional tools, the scope! Once signals start wiggling, we get interested in how they wiggle. Signals that don't wiggle aren't interesting. The DMM is useful, no doubt, but it is useless for SPI decoding or making an FFT. I'll concede that it is possible to get a Bode' Plot out of a DMM but you would have to have a signal source and that breaks the rules of the game.
Only one gadget and allow for non-conventional? Definitely the Digilent Analog Discovery 2 (if they ever become available again). I have one and for 'learning' electronics, they are the best tool for the task. It gets far more use than my bench instruments.