That is correct. You can no longer see the status in IDE. The devices using placeholder are not using groovy which is basically what IDE is based on. IDE is going to be phased out at some point when groovy is shut down.
As you have found out, creating virtual devices is probably your best option to viewing the location status for your phone. I have started to use a virtual presence sensor based on Beta Edge (note I said BETA). But it is a great opportunity to see how Edge works.