I don't leave the option checked since it sends a huge amount of network traffic in the live application.
I just checked a moment ago, and it's not working. It hasn't worked for me for some time.
You may note that for this app, it stopped parsing the config.xml also (another posting) during the compile (export) for an .ipa file. Likewise, my application halts after receiving a single push notification (new behavior) and I cannot debug it without Weinre without considerable difficulty.
It seems that not a day goes by without something happening in the development environment that tells me it's unstable, from magic transaction fields added to my app, xml files not parsed, weinre debugging halting, push notification halting...