I'm on version 1.40.1.
Clicking "Get Latest Version" shows 1.39.0 as the most recent version, which is a little odd.
Unchecking the box did seem to disable snippets, leaving the snippet library empty. Reenabling brought back my snippet library, but still didn't restore the actual button.
Oddly, disabling snippets did cause a "Users" button to show up, which vanished the moment snippets were reenabled.