I am doing a short course on Circuit Analysis and have currently learnt Ohm's law and Kirchhoff's current/voltage law (simple stuff, basic algebra). I am thinking up to this point, what is the point of learning all this when electrical engineers usually just use Multimeters to analyze stuff like power, current, voltage, resistance, all can be done with Multimeter. What practical application can you think of where using Circuit Analysis skills is better over a simple Multimeter device.

 A multi-meter will tell  you. what the current, voltage, or resistance is.  Circuit analysis tells you what it should be. 

If I'm testing a circuit with a multi-meter and get a different reading than what circuit analysis tells me I should be getting, then I know that there is a flaw in the circuit. (an open, a short, or bad component.) Often knowing the what the the reading should be vs. what you get can lead you to the probable fault.

You generally want to design a curcuit and have it work, instead of iteratively modifying one after repeated measurements.