My View: Multiwave implemented in wrong way, peak not RMS ought to be maintained

an interesting thing with Multiwave is that it reduces peak voltage of the electric waveform. And as peak voltage largely determines the voltage rectifying capacitors is charged with and deliver to component circutry, Multiwave typically means undervolting components, which sounds strange that this should be beneficial.

I wonder why multiwave is not implemented in a way so that peak voltage remain the same as for sine, but then with the multiwave form.

Anyone given this any thought?