AFAIK ScanSnap Home V3 won’t work with my old iX500 scanner, although people are reporting it working. I haven’t tried it yet. Note that the old V2 is Intel code, so has life more limited than my iX500!
Anyway, back to the original question, it just looks like the removed all the profile stuff from the dropdown. This certainly simplifies it. As for functionality, just opening up the iX500 lid causes the Scan window to open, so at least for the way I’m using it, there has never been a need or any time savings to using the profile settings in the menubar.