There's no "wing leveller" function as in IL2. You have to use the historical autopilot function, but unfortunately this just doesn't work for level bombing since even minor course changes result in the plane oscillating all over the place. I've given up on it after many attempts.
The crosshair in the LOTFE sight appears once the sight stabilizes and disappears when the aircraft moves too much.
Let's hope one day we get the wing leveller function back. I don't care if it's not "historical". It's also not historical that I'm supposed to fly the damn plane and operate the bombsight at the same time.