storybook: Setting `showPanel` as component-level parameter doesn't seem to work

When I set parameter options on a Component level basis, the following occurs:

1. I set a Component to have parameters.options.showPanel set to false.
2. Storybook loads on a different Component (with no config set) and the panel shows.
3. Click on the Component (from step 1) and the panel hides. So far so good.
4. I click on the Component from step 2 (or any other Component) and the panel is still hidden.

So what I want to happen is for the panel to hide for one component and then show again on the others. This surely is possible? Am I doing something wrong?

Here is the Component with the options:

export default {
  title: 'Color',
  parameters: {
    options: {
      showPanel: false,
    },
  },
}

Any help would be hugely appreciated!