Some people see it - some don't. I also didn't see it until I tested out the LTD after first enabling tracers under OFP's OPTIONS/DIFFICULTIES menu. Sure enough, it began to appear.
I assumed that this was a bug, as there is no real-life connection between bullet tracers and a laser's light beam. However, BIS' Ondrej Spanel took a look at this FAQ item and sent me the following notes:
I agree there should be two separate options for enabling both features. We did not implement it, as the LTD was introduced just before version 1.30 and we were unable to translate new option texts in time.
I think this issue is more a kind of "bad design" than bug.
OK. I can live with that.