Confusing waveform display for 32 bit float audio files

[XJENSEN]

Today, while optimising my session exchange workflow between Logic Pro X and Pro Tools Ultimate, I stumbled on the inability of Pro Tools to properly render waveform display for 32 bit float audio files.

What I noticed is that, after importing a 32 bit float audio file that goes above 0DBFS, at unity gain, the audio file shows as clipped in the track waveform display. While this is not strictly correct, I can in a way understand this.
However, when I apply clip gain to turn down the gain to get it to proper '24 bit' levels (to not blow the output converters when using hardware inserts on those tracks), the waveform keeps showing as clipped. Therefore, it is impossible to judge whether/where any exaggerate peaks are located in the 32 bit float file and what the safe '24 bit' level should be set at.

Is this how an 'Industry Standard' DAW is supposed to work? Can't even properly display a waveform?

Anyone can chime in on how to deal with this problem? Any workarounds? Greatly appreciate.