I have tested this in the current Android Beta App Release Candidate 2.43.0.b309 and it appears that the issue has been resolved.
The “Loading SD Card Stream” overlay does not remain persistent any longer and the timeline can now be manipulated to recorded points on the timeline. There are still some issues I have experienced with the UI that aren’t acting normal. The loading of the timeline and video when scrolling lags horribly. When pulling to a point that appears there is no video, it just stalls at “No Video”. The green timeline may catch up, but the video doesn’t. The timeline has to be moved in order to see video.
Nonetheless, this is progress. Let’s hope the Beta App passes QA soon.