There must be more to the story. I just tested this in both Input Monitoring and Recording mode and all the internal WaveLab metering is displaying the loudness of the Audio Montage track I’m recording back to whether Im listening to input or recording, including any Montage Output Effects that are running in reat-time but of course not committed anywhere yet.
It was not displaying what’s on the Reference Track feeding the analog chain, which of course would be not useful or ideal.
The only time there is an issue if Direct Monitoring is enabled with in my experience kills all the WaveLab metering which is also not ideal but probably necessary due to how WaveLab is built.