This is about the mouse cursor, not the edit cursor, right?
The mouse cursor above an empty arrange area shows what will happen on left drag. It does the same in the MIDI editor. Looks much like intended behavior, which can be argued about, of course.
I wish they'd improve mouse cursor appearance for CC events and lanes. Not a lot of different cursor icons to be had there, the only ones I know are available are the default arrow and the erase icon. I'm missing some move, copy, draw and linear ramp mouse icons there. Plus the erase icon doesn't come up when you hold the modifier key, but only when you actually click.
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