Only if you have a completely “empty” Ride Builder Controller, that means no stored waypoints, this option shows to allow you to quickly rez your first waypoint.
To get such an empty controller and remove the default waypoints that were initially loaded use the “Tools” – “Reset” function
On click, the controller will rez a first waypoint, two meters (or whatever distance you defined in the settings menu) from itself in arrow direction. After that, the menu option will disappear.