Well, I'm surprised. I just tested this out using my 396 and an EF Johnson 5100 HT (PRC127 VHF). When I set the scanner to Close Call it will capture the frequency but won't decode the P25. Just the raw digital audio is what I hear. I would have thought the 396 CC would do it, but apparently not while in SEARCH mode or Close Call mode.
Yet, in the "Srch/CloCall Opt" setup on the 396, "Adjust P25 Level" is an option. I might have to tweak the settings in my 396 and test some more. I do have "data skip" turned off. I even tried my UHF 5100.
If I "quick save" a specific test frequency in the 396 and transmit P25 with the 5100, "P25" is displayed and the audio comes though fine. I have seen "ENC" displayed when encrypted comms are received as well.
*EDIT*
OK, I figured out it will work. I had CTCSS/DCS search enabled on the Search/CC options page. Turned it off and now it stops and passes P25 audio in CC.
It will display "P25" on the screen while receiving such audio, to answer the OP's question in post 1 above.