Currently any object in visible shows a wireframe in Smooth Wire Shaded, including nodes visible at scene level.
But you can control that by going Markers>GhostSceneGeo>Unique…>Smooth shaded instead of Smooth Wire Shaded.
I don't know man, I said Houdini's prefs are unintuitive since I picked it up around H14. Ambiguous naming, overused drop-down lists instead of simple rows with check-boxes, etc, but the functionality in this corner is there, backwards and confusing as it is. At this point it's up to sesi to make it a bit more less insane from an ux pov.
I'm lingering on the impression that OneBigTree didn't know about the Shift+W shortcut when he launched his complain. It solves his problem in less than a second, but if one didn't know about it, it's understandable to be frustrated going with the mouse to that upper menu to constantly change the mode.
The points not displaying when first going into this mode in viewport is indeed a bug, which I also reported.
I think I'll just go in spectate mode on this thread and if you guys sort it out, I'll follow up with a RFE you agree upon if it makes sense, but as you can see, we're the only ones trying to figure it out, probably wasting our time…