Unfortunately not. This mod doesn't use dynamic rendering at runtime, since there is no way to follow, or even find, the cursor position. Instead, the indicator sprite is added to the belt entities at startup, and cannot be changed after that. It uses the same system that shows the radius of mining drills, turrets, or substations and the like, which is also why it unfortunately renders behind most other things, another thing I'd love to fix.
I asked for a change to the api to allow it to be done live, which would make it infinitely more flexible, but have been told by a dev it isn't going to happen. So it's an annoyance we're all stuck with.