Maybe, I'm just old-fashioned, but from a support perspective having a menu that isn't in the menu seems like a nightmare. And even from a coding perspective, it doesn't make sense to me...
That's also, because this isn't a "per track" prefs. It's rather a "per project" prefs. So, the project file would seem to be the logical place to put it. And the "projects tab" in general prefs to set it's default.
But that would lead to a "project settings" menu, to change the prefs per project.