Huh. I didn't know that setting existed. And I make a habit of systematically going through the settings pages of every app I use (and in Chrome's case, also chrome://flags), to find out about things like this. It looks like that option exists only in the right-click menu, and not in chrome://settings. That's a problem!
You go through every Chrome setting/flag? That's very ... sporty. I mean, I'd like to do this as well, but Chrome has hundreds of settings and flags, so going through them takes serious time (some settings are fairly arcane "Temporarily unexpire M87 flags."). And they can be amended on every update, which might hit you weekly.