“All buttons in” mode is pretty quirky, and it should be quite audible when it’s functioning (it certainly is on my HL) regardless of the gauge function. Are you saying you can’t hear it working even with Threshold and Blend cranked? Most pedal gain-reduction gauges aren’t super precise/accurate, and there is usually compression happening before you ever see it expressed on the meter. In particular when you are using attack/release settings like yours, your nominal compression time is quite short and the “all buttons” mode changes this attack in quirky ways as part of its inherent tone ( here’s a cool explanation of the original that the HL was based on:
What is "All-Button Mode"? ). The “all buttons in” setting is capable of some heavy compression on mine, but the visual reference in particular seems does seem somewhat less sensitive than the other ratio settings. It is very much an “effecty” kind of compression setting, so for me most of the subtlety I dial in with it is just about how much Clean signal I am blending in. I adjust it to ear (if it sounds good, it is good!), but if you need a visual reference I would adjust the time knob for a faster attack to see if it changes anything visually and set the threshold like that then return the attack knob where you like it.