Use Adobe Media Encoder. It does a better job of it, anyway.
You didn't do a very good search. Several threads in this forum report that the option to restore this option to the render cue is in the preferences and as Dave says the AME will do a better job. You cannot get what could be called professional results rendering h.264 from the render cue because it is not possible to do multipass rendering there. That is why h.264 options were deprecated.
- removed H.264, MPEG-2, and WMV formats from the default state of the After Effects render queue: In general, you should use Adobe Media Encoder to create output in these formats that have been deprecated from the After Effects render queue. If you need to be able to export these formats directly from After Effects, you can re-enable them by setting the preference Show Deprecated Formats In Output Module Settings in the Output preferences category.
- commands for sending composition to Adobe Media Encoder (AME) encoding queue: There are two new menu commands and a keyboard shortcut for sending the active composition or compositions selected in the Project panel to the Adobe Media Encoder encoding queue: Composition > Add To Adobe Media Encoder Queue, File > Export > Add To Adobe Media Encoder Queue, Ctrl+Alt+M (Windows), and Command+Option+M (Mac OS). While exploring Adobe Media Encoder, be sure to check out the new DNxHD import and export features, as well as the Match Source new features for automatically matching output settings to those of the source item.