When I hold alt/option to force draft view of a layer and roll over a position number in the layers it no longer forces wire frame. If you move the item in the composition window it does, but this is not possible as far as I can see in the timeline layers area Holding the command key down still limits the movement and shift does the opposite.
As usual whenever this kind of thing happens I go back a version to check I am not going mad. In AECC when you hold the alt/option key and roll over say the x position of a layer in the timeline it forces the layer to display in wireframe. This is useful for gross movement and when you have lots of layers and you want the UI to be a bit more responsive.
I an using the latest version and OSX Yosemite on a Mac Pro. Could there be a new option I am missing.
I do wish updates wouldn't break things like this. It's something I use all the time and not having it is very annoying.