This is not "substituting "bar settings"", I think the F5 settings dialog you made would be mandatory I would say, but as I said the settings would be mirrored in the Bar view same as the chords are mirrored in Chord Sheet, Piano Roll, Notation etc.., like some prefer to see notation and some piano roll notes.
How you tell there is a setting for a bar is that it shows a red underscore, but the only way you can see what it is, is to go into it and if you have many in a song... you would need a good memory, the Bar view gives an instant view of what's what, if you wanted to see where a section is muted it could be red in color, you could also color the Hold, Shot etc.. as you won't have a visual with the extra tracks as you don't want to try and cram all the exempts after the chord name.
This works for those that use color and visuals rather than numbers.
"Select (highlight) a section->right click have an option there "define section". " yes that would be mirrored in the Bar window.
The design is to try and cover different ways users prefer to work.
Like you have spectral editing you can "see" right away rather than listening to the whole area.