StreetDeck does do this, you have to scroll through the list once. StreetDeck doesn't load all the names of the current playlist until you scroll through them so it doesn't know where in the playlist the current song is. This is done so that loading a 10,000+ song playlist doesn't take forever. We may try to load the list in the background in teh future.
Autohiding some more of the overlays is something that is also on the to-do list, I don't know when it will get implemented though.