I don't have 54xx series Pico. But on my 4262, most sensitive range is also 2 mV/div.
But noise is less than 10uV RMS, you can software zoom in 16 times and still have 4000 points vertically, and have 125uV/div on screen...
I guess 54xx series noise would be higher (4262 is only 5MHz bandwidth), but you could still software zoom in 4x with very usable results... And that would be 500uV/div, very respectable number..