But I can definitely see a use for it (fullscreen rotation effects etc) so perhaps Max2D should have a 'SaveState/RestoreState' type system?
First of all, that would be a good idea.
Second of all, there are uses for it that I think you're overlooking, such as drawing HUDs/UIs/'2D' graphics for 3D games. Or writing an application that needs a GUI and a 3D viewport (e.g., world editors such as Maplet or Radiant).
Perhaps a SetupMatrices() method for the GLMax2D driver would work for the drawing stuff. Just an idea.