I used just K-meta for decades, adding acid only in the last 2 or 3 years. IME, plain 'ole K-meta works fine for sanitizing, but adding acid makes it better.
Something to consider is if "better" is important.
From my research, simply cleaning all equipment well removes the vast majority of all contaminants, including microbial life. Recall the "sanitizing" is the removal of microbial life to below a threshold where it is not a threat to the wine. We are not sterilizing, e.g., the removal of all microbial life, which is not necessary for winemaking, nor is it practical.
If a common formulation for K-meta solution (e.g., 2 Tbsp K-meta, 1 Tbsp acid, 1 US gallon water) is fully effective, is there any value in making a better solution?
This is a good discussion. While I'm unlikely to change my K-meta solution formulation, it helps me understand the chemistry behind it. A lot of folks are using my above the formulation I mentioned above, and this formulation probably developed because it works. Now we know why it works.
As I'm fond of saying, understanding why is more important that what or how.
From my research, there isn't necessarily a need to sanitize with K-meta if all equipment is properly cleaned. Yet I do it. Why?
Because after cleaning, my equipment is probably sanitized, but after cleaning + K-meta, I know it's sanitized. If nothing else, it gives me peace of mind and eliminates a potential problem.