Greetings!
Even though 32-bit float (and the potential peaking that can be SAVED from this wonderful godsend of an upgrade) is supported in Premiere, the waveform image in sequences [seems to be] rendered at 24-bit and confuses users/editors. So if it's peaking and I want to reign it in, I can't see past the peaked flat area - or mesa. It just brings the mesa down.
I really wish the waveform generated from a 32-bit float was procedurally updated/accurate as the gain/volume is adjusted, pretty much like it is handled in any other video/audio editing software, including Audition!
Audio-wise, peaked files can be normalized/volume lowered/recovered (and sounds GOOD!), but it makes volume level keyframing very hard to manipulate, not unlike controlling volume blindly.
Are we using this wrong or is it just a simple oversight?
*Note: A not-so-user-friendly work around is to Render and Replace/Send to Audition for the waveforms to look correct/accurate, again.