That is true for Panorama Classic, which used a completely different internal mechanism for Hide/Show vs. Show/EndNoShow. In Panorama Classic, Hide/Show worked by "short circuiting the system’s internal drawing mechanism. Or at least it was supposed to work that way, but as was well known, it would cause crashes in some situations, so it was best to just avoid it completely.
The Show/EndNoShow commands instead worked by suppressing Panorama’s code that updates the display when data changes.
When Panorama X was written, there was obviously no point in recreating Hide and Show commands that didn’t work and caused crashes. So I implemented them simply as duplicates of Show/EndNoShow. This is clearly stated in the current documentation.
As I just mentioned, Show/EndNoShow works by suppressing display updates when data changes. However, they don’t have any effect on the changeobject statement. There is no way to make the effect of a changeobject display invisible or hidden, other than moving the affected objects off the visible area of the screen.
Since Panorama X uses standard Apple code for saving and loading files, I would hope that it would work with iCloud drive, just as any other standard Apple app does. The only caveat, which would apply to any application, would be to refrain from accessing the same file on multiple computers at the same time. I don’t think the file will get corrupted, but changes could be lost from one or both of the computers.