Yes, the MSFS traffic settings aren't ideal in MSFS 2024, as they seem to have gone down the approach of having fewer, more generic settings that affect multiple things, rather than having many, more focused settings that control specific things. Feedback on this has been passed onto Asobo/Microsoft by various developers and users, so hopefully, it's something that will see an improvement in a future Sim Update.
For the time being, if you'd like to use the FS Traffic models for multiplayer model matching, I would recommend disabling the FS Traffic module in the Traffic Control Centre, and then re-enabling the default MSFS 2024 live traffic. That will then allow you to see FS Traffic models used for model matching with the default MSFS traffic system, whilst also still seeing multiplayer traffic.
Mark - Just Flight