What is the purpose of measuring TDS?
Can it be used to more accurately dose fertilizer?
TDS is Total Dissolved Solids.
It's most commonly measured in ppm and tells you the strength of your nutrient solution.
If you have a ppm meter make sure you know it's scale as there are multiple ppm scales. 0.5 scale is probably the most common.
Here's a chart if you want to convert between EC and the ppm scales.