I set the local recording on and move to a timeline position where no key frame is. Editing of the property value in the in-track property editor gets interrupted (edit loses focus after changing one digit) and the value resets to what it was before. However, when moving the play-head back and forth, the in-track value then shows the value I entered before the focus was lost.

It seems that even the one corner case that works with local recording (see QDS-232) is problematic. IMHO, local recording is currently more confusing than useful, and I still believe we should hide the local record button.