And also the parent - or allow schools the ability to choose if this information is shown in the gradebook. Personally, I'd only want this show to be available to either students and/or parents IF there was an ability for teachers to update this status manually.

For paper-based assignments, for students who had an absence or needed extended time, the status is not always accurate based on the "due date" time. If this view becomes more visible to parents/students beyond the students profile, then teachers do need the ability to adjust these status codes.