I have paid for level 2 data fees on IB and was wondering if that enables me to see all T&S data occurring in the market.
You don’t need to pay for level2 for this. You will see all the trades by subscribing to level1 (tapes a, b, c) You only need level2 to see all the orders in the books.
Does IB show "extra" data in option time and sales? This being a tag with the exact type of trade, eg, MLET (Multiple Leg Electronic Trade).