Hi,
When recording while using direct monitoring (using your very own UR44 audio interface), it does not seem possible to view the input level in Cubasis.
To view input level one must enable the monitor button on the track. Unfortunately this also enables monitoring through Cubasis (with latency), creating an unwanted slap echo effect.
If one enables monitoring and mutes the track, the input can be viewed, without monitoring through Cubasis. However, then nothing will get recorded onto the track, more or less defeating the purpose of checking the input level in the first place 
Why not simply meter the incoming signal, when a track is armed?
Unless I’m missing something obvious (then please let me know), please consider adding some kind of fix to your to-do-list.
Cheers