How this option works? Is there a better way to display the current active alarms on the system on reporting?
The property is mentioned here:
The Alarm Journal Query data source can pull from either the alarm journal data in the database, or the current live events that would show up in the Alarm Status Table, depending on if the "Use current status instead of history" option is checked.
What you have shown here is the built-in method to do this, alternatively you can use scripting and the system.alarm.queryStatus() function in a Script Data Source to access alarm events.