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A lot of great advice already presented here, Buckshot. I also think it's an inline fuse.
Your question about does it matter is a great one. The only reason that it would matter (IMHO), and assuming you're going to be plugged in full time, is that emergency brakes operate from the battery. If you have a hitch failure towing, you'd potentially have no emergency brakes to slow the trailer when the breakaway cable activates them.
Dave's comment above about the battery possibly being shot is also a possibility. You should have it load tested. When you measured it, was it with the trailer plugged in or not? If plugged in, you may be measuring power from the converter, which is also a small battery charger. If it was unplugged and you measured 12 VDC, then it's probably an inline battery fuse or switch.
Good luck!
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