No, works just fine. The setting you are changing is global setting that affects NEW views placed. It will not change existing views. To change existing views, right mouse click on the view, select Properties, click on the Model Options tab, then change the "Show reference parts as transparent" setting as desired. Your view will most likely go out of date so just update the view to see it in the new state.
Thanks! I had to go change the setting in the draft template I was using for it to work.
But you gave me the hint.
You only need to add it to the template if you always want this as the default setting. Otherwise if it is for the occasional "one-off" drawing view, change it through the view properties.