This may not be the answer you want, more of a tip. I also like the default behaviour in Delphi 7, but usually find I want to move the inserted code anyway. Try putting a numbered bookmark at the point you want to add code using CTRL+SHIFT+ (eg. CTRL+SHIFT+1) at the bottom of the file. You can then toggle to the bookmark with CTRL+1. Double-click the control, cut the code, press CTRL+1 and paste.
These numbered bookmarks are a huge productivity boost. Works for all numbers 0-9.