I am trying to use the metronome to count-in for two bars. It works in recording mode, but when I just hit PLAY (spacebar) the track begins playing right away and there is no count in? Is this a bug or do I not understand how it works?
It seems like the count-in only applies to recording and not playback?
Yes.
You maybe want to try the Pre-Roll. This way you can set a duration for the Pre-Roll and then activate it. So, once you hit Play, it will start at the current cursor position minus the length you provided in the Pre-Roll section. However, if you have events in the area before the cursor position, they will still sound.
Mind asking what exactly you want to achieve with a play count-in? If it’s a matter of rehearsing, you can always disarm-record the track you are in, so you can simply hit Record and no record will be performed 
Yes, Mostly for rehearsing, i.e. getting my hands back into position after pressing record.
I looked at pre-roll. Okay, that might work, but honestly, not having count-in also work in playback mode seems like a curious decision at best. There are other ways too, I suppose, but count-in seems so simple and clean.
Sorry, I don’t quite understand. Are we talking about Recording or Playing here?
Playing. When I hit play I just want a bar or two of metronome count in before the transport starts moving. Specifically, at the start position of the session.
Then why not simply disarming the track you’re on (shortcut R) and hit record? You can always re-arm the track using the same shortcut if you want to record while playing.
Yeah, that would work.
I guess I am just dumbfounded that they choose to not have count-in available for playback. At least as an option if you want it.
I have to guess that this is probably due to the fact that we can always insert silence in the beginning of our track or some drum hits as a count-in, since you’re mostly interested for the start position of the session.