If you turn off the default, artificial Rectified view (sequence menu), you'll not only see the preferable and more accurate view of the waveform, but you'll find these labels no longer get in the way.
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Try the "hamburger" menu on a sequence itself ... just to the right of the sequence name in the timeline area. Easy to get the 'wrong' sequence menu ...
Ah! I found it, and I learned that those bars are called "the Hamberger menu"!
Thanks!.On both counts.