Thanks so much brundlefly! Toggling global snap off and on with 'N' does the trick, and is an acceptable work around for me. Oddly enough, I didn't have to do this in X2 Studio. Maybe this was an issue in X2 Producer? I've noticed that the upgrade to X3 Studio has some "hand-me-downs" from Producer, e.g. the ProChannel. Perhaps this bug is a "hand-me-down" as well.
Still, I would prefer not to have to hit 'N' twice each time I change the snap setting in the PRV. I hope Cakewalk fixes it.