That's how that option looks like here.
I cannot explain it, the only possible reason is some kind of other product that has prevented the Addon Manager to recognize P3D4 as such, like the Migration Tool, which is able to change the file version in the executable to force non-compliant addons to install into it.
However, if unselecting that option (which is not even possible to change in P3D4, normally), works for you and fixes stuttering, that's ok. In fact, it's precisely how is supposed to be in P3D4, lots of memory saving optimizations are not used when P3D4 is detected, which result in more memory used, which is not really a problem in 64 bit, and less stuttering.