There's a bit more to matrix/evaluative metering than that. A typical system takes dozens of readings from all over the frame. From that, it not only knows the average brightness, it also knows the dynamic range, where the light and dark places are, and what area of the frame they occupy.
From that information they can usually estimate an accurate exposure instantly that would take a skilled photographer a very long time with a narrow-angle spot meter.
An incident meter reading works well for slide film, but is certainly not the best way to expose negative film, or digital. When I compare incident readings to the exposure I ultimately set from checking the histogram and blinkies, I always get under exposure. With some subjects, and using expose to the right technique, I have found it to be up to three stops adrift