Apple LiveType 2 - Manual (Page 19)

Chapter 1 The LiveType Interface 19
To isolate a single track in the Canvas:
m Select the track you want to continue working on, then choose View > Selected Only.
Revert to the normal view by choosing View > Selected Only again.
The Proxy Frame Only option in the View menu–which applies only when you’re using
installed LiveType media—renders LiveFonts, textures, and objects as proxy frames in
the Canvas, essentially freezing their inherent animation.
Particularly when the animated element has highly variable content from frame to
frame (such as Particles objects, which contain few if any pixels in the beginning and
ending frames), the proxy frame is easier to work with, because it shows a more
representative shape of the object regardless of the playhead position.
Bounding boxes show the size
and position of deselected
elements.
Choose View > Selected Only
to view only the contents of
the selected track.