[reporting a possible bug, running v2.1.5 on Windows 8]
Setting deinterlace to Discard or Mean suspends (*) the Logo Erase effect.
Switching to other modes or turning deinterlace off, resume logo erasing.
(*) If you look in the Effects panel, Logo Erase still appears on, but you have to turn it off-and-on to actually bring it back to work.