First- welcome to the community!
Now, about your concerns... a lot of folks are disappointed by the lack of local-multi-player games. If you enjoy euro board games like Catan, try "Ticket to Ride" which does support local-multi (though you'll need another control.) There are very few "hot seat" games (local multi with only 1 controller.)
Catan is a great game but it has been very poorly supported by the developer so dont expect any major updates. (seafarers, and knights, are other requests we'll prob never see.) The real problem I see with local multi, besides hiding cards, is that the physical board game is $30 while the arcade version is only $10...Klaus Tuber prob doesnt want the arcade version eating into his primary sales so it was probably a condition in the license.
My suggestion is to enjoy the game the way my GF and I do- take turns playing together as a team against the AI opponents. If you have 3 or more folks ready to play, well, then break out the real board!
Can YOU
Escape from the Dead?