If your meter is running, you have a leak. A burst pipe or burst joint from freezing is not necessarily going to run full bore. It could result in a small fine spray of water, and a slowish leak like that wouldn't noticably affect your pressure or flow in the fixtures.
You better follow your pipes around carefully and find where it's leaking as the repair costs will be climbing by the minute.
If the pipe is still frozen, it could be leaking AND blocking flow to downstream fixtures.