There is a simpler temporary workaround to this issue:
In the ‘Project Setup’ window, choose ‘Seconds’ for ‘Time Format’ and click ‘OK’ to close the window, then, in the ‘Project’ window (main cubase window), right click on the time lane and choose ‘Bars+Beats’. Now the knobs work both ways and the time display show the bars.
Thank to m.c and Florian34 for the script improvements. Cheers!