Its not just you that needs that option back im 100% sure of it.

In my case i suffer from permanent blindspots in my left eye, and turning off this feature/option made it bearable for me to play the game.

Now im forced to look away from direct strong light sources all the time (aetherytes / some mobs that emit light / clothing light effects, for instance eureka clothes, etc) and i feel like im getting flashed by them all the time like car headlights.