After going back and comparing behavior between 8.5, X1, X2, and X3, this seems to have always worked this way. I no longer believe it is a bug.
I don't know where I got the impression that you could choose to display a MIDI Record meter when playback meters were hidden. It never seems to have been possible.
Rather than submit a problem report, this is more likely suitable for a feature request. And given that there are other things would prioritize over this, although I agree with Brundle, I'm not going to bother.
Thank you all for the discussion.