Oh, okay, I thought you were taking about the folder track, and that it had a mute envelope on it.
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At any rate, I don't think any envelopes, like volume, affect the folder peak waveforms. At least that's been my experience.
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Also, I see I was wrong, the folder waveforms do reflect the various changes, both with the child tracks and the folder track envelopes themselves.
So I don't know, Reaper can be a little fluky and strange sometimes.
I ran into a situation where I can't move tempo markers without moving the whole item on the right side of the marker, even though I have stretch markers located to the right of that stretch marker.