Afaik, that menu option has been dropped from the latest version (at least I haven't found it!). It was there on the previous version* but only had a couple of tip options. Ralim has gone through a lot of iterations in his attempts to optimize the PID (check out the closed issues) and that was one of them - effectively hard specifying the tip thermal mass.
So yes, the documentation looks to be a bit out of date. The latest version certainly seems to be the best yet in terms of temperature regulation and recovery though. I recently bought a C4 tip, just for for heavy work, and it really kicks out some power against the biggest thermal masses.
Edit: * Make that the last but two, I hadn't noticed the Aug 29 release!