Jadnashua
Retired Defense Industry Engineer xxx
Except behind a check valve or PRV, the water pressure will be the same everywhere in the system (except for the gravity effect for elevation changes), so one gauge is all you need. If you're going to install a PRV, some find it useful to have a gauge before it and one after it so you can see the before and after results of the PRV's actions.
If that valve is releasing water all the time, it's effectively a leak, so the pressure rise from heating water will not show a peak pressure. But, if your static pressure exceeds the relief valve's pressure, it will constantly be open. So, you really need to know your static pressure and what the setting is on the relief valve. It's best to not have a valve between the WH and the ET to ensure it can always do its job.
If that valve is releasing water all the time, it's effectively a leak, so the pressure rise from heating water will not show a peak pressure. But, if your static pressure exceeds the relief valve's pressure, it will constantly be open. So, you really need to know your static pressure and what the setting is on the relief valve. It's best to not have a valve between the WH and the ET to ensure it can always do its job.