The range mask function works well easing the range selection, and the luminence mask could be previewd by tick 'Show lumminence mask' below. Why don't bring this to color range mask?
For me I prefer not to chose 'show selected mask overlay' in tool bar but only when range select applied to check whether set luminence range or color cursor correct as i knwo where i brushed and float on control point could also do that. But however a tick box could be the best solution as much less cursor movement needed comparing to tick otherplace.
One another, if the blink of selection area preview could be a choice as the red highlight may seems block the color of image behind.