Not sure what you are looking for. I clearly see it in your picture as a column header. It's a layer switch, not a timeline toggle.
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That is not the "continuously rasterize switch". That is the Live Update button.
See the details of the changes in AFter Effects CC (12.0) on this page:
"The Live Update button has been removed from the Timeline panel. You can still enable or disable Live Update functionality with the command in the Timeline panel menu and the keyboard shortcuts (Alt on Windows or Option on Mac OS)."
This change was made because a lot of beginners would mistakely turn Live Update off when they were randomly clicking buttons in an attempt to learn what they did. This caused a lot of problems.