Yeah, I just verified here. It doesn't work while recording.
Anyway, you can put markers on the run even if their not in the perfect place and correct them when you'de with the recording.
I always do that.
When you it stop the waveform zoom will be applied and you can see the waveforms better.
Anyway...if your waveforms are too much tiny, maybe you're doing something wrong at the gain stage! I have the same issue when i do record of very dynamic pieces where i need to keep the gain down because they have almost 40db of dynamics!
Of course, when they play really quiet with peaks at -37db i really can't see a lot
But with an average peak of -15db you should see the waveform without any problem!