Really nice addition.
Maybe worth the option to create a point geometry in the position of Max deviation for later consideration such adding a knot.
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I would add a new knot only if raising the degree by 1-2-3 steps does not help. Knots add unwanted indentarion of the shape. In the past I used to add more knots. Now I raise the degree.
Adding a knot at the max deviation point makes no sense, the knot might have to be added completely somewhere else for the most reduction.
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You’re right but not all the time you need A-class modeling.
For 3D prints,you better to be fast than smooth. I need to recostruct imported file, especcially when they come from SWks, and I’ve to make them watertight without spending days.
Inserting a knot using InsertKnot does not change the shape of the surface. (Inserting a control point using InsertControlPoint does change the shape.) After the knot is inserted control points can be moved, either directly or using a tool such as MatchSrf, to modify the shape of the surface as desired.
Inserting a knot allows for more local refinement of the shape.
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In aware of this, but 99% of the time extra knots are used to add local detail, followed by control point “massaging” or matching the surface. Both operations distort the surface and lead to an unwanted indentarion where the extra knots are located. 
This is why I no longer do that and always try to refine a surgace by raising its degree instead.
Nobody with their mind is adding extra knots without an intention to modify the surface at the very area that was overly-crowded by knots.