That feature is disabled as it requires more work to behave properly with the new architecture introduced in CC 2015. See this page for the explanation from the Adobe AE team.
In case you haven't heard (or noticed) AE CC 2015 is the first step in a major re-architecture, separating the renderer from the UI for the first time in AE's 20+ year history. This is a big job and it's clearly still in progress. It's a necessary step for improving After Effects performance, but it's taking a while (and multiple versions) for them to get through it. So, during this time of transition as they're introducing elements of the new architecture, sometimes things are a bit annoying.
Remember, you can open project files created in AE CC 2015 with AE CC 2014 if you need to do so - and it works without issue. In fact, I often do that to render with multiprocessing since CC 2015 doesn't have the equivalent of that yet (also covered in the link I shared).
If you want them to return a feature sooner, I'd recommend that you file a feature request. The number of requests they get for a certain feature does make a difference in the priority they put on that feature.
If it helps, I've noticed that AE's cache is working better in the latest versions so, if you do have something cached in your preview, it does tend to render more quickly (but it's not quite the same).
Thanks Szalam. Yeah...that's what I'm doing at the moment, I keep CC2014 for the purpose of saving a ram preview. Anyway, I've filed the request, and hope it's back ASAP.
Does it work for CC2017?
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If you have the entire work area cached (green line), and you go to render via the render queue. It just blows through it like the old feature used to. So...no, but pretty much yes.