Along with the "CDs, DVDs, and iPods" setting in the General Tab, do you also have the "External Disks" option checked?
Also, does the disk show up in the Sidebar of the Finder Window when both the "External Disks" and "CDs, DVDs, and iOS Devices" options are checked at Finder > Settings > Sidebar?
Is it only when you insert a DVD that the drive does not show, what happens when you insert a CD?
Does starting in Safe Mode make a difference?
Start up your Mac in safe mode - Apple Support
Other than that, I would try another USB cable or maybe the drive is drawing too much power from the USB port. Do you have your MacBook plugged into power? There have been other users posting about the same problem in other forums with one user stating the using a powered USB hub solved the problem for him, but not sure if that would be the same for you.