In the latest update (25.2), audio waveforms now respond to the db level. This includes when the clip is muted in the Essential Sound panel. I would like to offer the opinion that the waveform disappearing when muted is not helpful. I love that the waveforms respond to changes in volume, but I think when a clip is muted, there is a better way of denoting that, other than taking away the waveform. I often use a muted clip's waveform when muting and unmuting multiple mics.
I would appreciate this at least being a setting I can turn off, as the waveform disappearing is significantly slowing down my workflow on videos with multiple people (and thus multiple mics).
I know I should have rung in on this during beta, but I didn't have time to really mess around in the beta this time.