Let us compile a list of D3 annoyances.

[vor_lord]

When I set it to push to show for 10 seconds, it also seems to show item labels for 10 seconds after they drop too, so you only rarely have to press the key.

This is a separate checkbox (Always Show Item Labels On Drop).

I use the 10 seconds setting also. It means I rarely press the key, or should, but my D2 habits are still so strong my hand keeps going for the Alt key anyway.