Image Gallery module must be enabled even if it is not used or watermark is not applied

It appears that even though watermark settings detects that image gallery is not active and produces a message something like, "This option is disabled because Image Gallery is not enabled," watermark simply doesn't apply itself if Image Gallery is not enabled even if it's not required/used.

Steps to reproduce:

1. Verify that watermark is operational: enable modules Image, Image Gallery, and Watermark, and configure watermark (do not create any image galleries)
2. Create content>>Image, check Apply Watermark. Click Submit. You should see your fancy watermark.
3. Disable Image Gallery in modules admin screen.
4. Create content>>Image, check Apply Watermark. Click Submit. Hmm.. no watermark!

Can someone please verify?