No, this option has been superseded by the locking and unlocking of states: "Auto Update States" vs "Locked States"
There is now a menu entry to lock or unlock all states, which is somewhat similar to the “automatically update states” behavior. I personally hardly ever unlock states - I prefer to manually save edits I make via “update state”. This is easy to do via hotkey (Ctrl-U).
There is one thing to be aware of; this function will save the state you are currently editing: when you are editing the song, it will save song states, when editing the rack, it will save rack states. All very logical, but when working in split view, you’ll sometimes accidentally save the song state instead of the rack state. Also, the hotkey doesn’t work when a plugin editor window has the focus.
Cheers,
Torsten