In the drawing's configuration, setting the number of frames to persist to "1" and disabling persistence should have the same effect.
This is why the slider in the main preference setting is starting at "2" (and I would say it's the one in the local settings that is buggy for being able to go down to 1 frame.)
Now the extra limitation of not being able to display the drawings while playing is a remnant from the time where persistence / fading did not exist. The idea was that being visible on a single frame wasn't going to be noticeable anyway.
This limitation may be removed in a future version.