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can anyone with insight explain what the Payment in Coinjoin feature does/is -- and how it's accessed ("through the RPC"...?)
Wasabi allows you to use the application with an RPC interface for command line users instead of a GUI interface.
'Pay in Coinjoin' is an exclusive feature for RPC users that allows you to send funds to the final destination address directly in a coinjoin transaction instead of performing the coinjoin and payment across 2 separate transactions: https://docs.wasabiwallet.io/using-wasabi/RPC.html#payincoinjoin
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Does this mean that the Wasabi wallet only functions as a wallet? I'm still a beginner, because I just found out about wasabi application products.
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Yes, Wasabi only functions as a wallet, there's no exchange or anything.
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