I finally figured it out myself.
As I expected, it's an undocumented setting in the plist for Activity Monitor located here:
~/Library/Preferences/com.apple.ActivityMonitor.plist
The following value has to be added manually.
<key>DisplayType</key>
<integer>0</integer>
I added it after DisplayStandardOnStartup attribute, but it probably doesn't matter as long as plist format remains valid.
UPDATE (adding full content of the plist file for reference):
<dict>
<key>DisplayExpandedOnStartup</key>
<false/>
<key>DisplayStandardOnStartup</key>
<false/>
<key>DisplayType</key>
<integer>0</integer>
<key>IconType</key>
<integer>6</integer>
<key>NSTableView Columns v2 ProcessViewerColumns</key>
<data>
</data>
<key>NSTableView Sort Ordering v2 ProcessViewerColumns</key>
<data>
</data>
<key>NSTableView Supports v2 ProcessViewerColumns</key>
<true/>
<key>NSWindow Frame ExpandedWindowFrame</key>
<string>1127 393 361 460 0 0 1920 1177 </string>
<key>NSWindow Frame main window</key>
<string>536 79 1048 953 0 0 1920 1177 </string>
<key>OpenMainWindow</key>
<true/>
<key>SelectedTab</key>
<integer>0</integer>
<key>ShowCategory</key>
<integer>102</integer>
</dict>