Are you sure it's not there? You can find the action under "Controlling Other Applications".
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Yes that's it! Thanks for copy pasting the screen it all made sense now.
Yes the blue window thing is still present as of this version, when turning the Floating Window feature on and hovering the window in question.
No big deal, at least I am able to know that the feature is on.
One weird thing though, if, when when the Pin is on, I press on Tab to switch Windows with another Window, and then switch again back to the Pinned Window, the blue corner disappears this time.
So yeah not perfect (visually) but the feature itself works perfectly though, which is very helpful!
Cheers.