You’ll need two tracks, but you can have your release. Go into the pattern settings (Make sure rec rod light is off and then hit function + Bank/Edit).

Select ‘per track’ scale mode and hit Enter/yes, then exit. Now Pick 2 trakcs for your pad, eg 5 &6. On each, set it to be 4 bars in length and set the track multiplier to 1/4. Be sure to set the Master track length to be at least 128.

On track 5, put a trig for your pad on Measure 1, step 1. On track 6, put another trig on Measure 3 step 1. Because you are playing the tracks back at 1/4 speed, they will trigger alternately every 8 bars, but the release on track 5 will keep playing when track 6 is triggered and vice versa.