If you're measuring color negs, yes, use Status M. For color prints or transparencies, use Status A. The two setups, Status A vs Status M are not drastically different - their sensitivity peaks are roughly 10-20 nm apart in wavelength. Apparently, however, this is significant for the dye sets they are intended to measure.
For B&W, you would generally use the "visual response" setting, but in reality any of the color settings will likely give nearly the same reading.