Doesn't a plug-in only take into account what's happening at one particular instant (maybe looking ahead, but how far?). I get the impression that you'd need something more like a Region FX that treats a track/bus as a whole and constantly updates and displays the loudness value for its contents.
You are correct. Plugins see a small window of data, which could be as small as one sample. Even the ones that need to examine a wider window (e.g. linear-phase equalizers) are only looking at less than a second's worth of data. Even RMS meters are only looking at a 50 ms window.
This is why real-time normalization isn't practical. But it could be an offline measurement where you select a region, right-click and choose "Calculate Average RMS" from a context menu. Or "RMS Normalize to this track...", followed by a reference-track selection dialog.
I love Insight's LUFS meter. It's part of my default template. One interesting feature that I haven't explored yet is Insight's ability to export automation based on your loudness target. It wouldn't allow LUFS normalization, but it could still be useful to identify problem areas. Now if they'd just expand on that feature and record the loudness graph verbatim, with options to scale and invert it, then you could do some interesting volume automation based on LUFS calculations.