I’ve been looking for ways to make this happen but so far just found workarounds. Never seen this setting before, but on having a look in my preferences it was already activated.
Looks like it’s not doing what either of us would hope for:
Synchronize Plug-in Program Selection to Track Selection
Synchronizes track and plug-in program selection if you route multiple MIDI tracks to multitimbral instruments.
I know it is not the same, but there are key commands you can map to open/close each insert on a selected track.
So what you can do map a few to a separate numpad (ReWASD lets you remap different key commands to different input devices, so this numpad can output like ctrl+shift+alt 1 when you press 1 on it, so it gets out of the way of other key commands), and then the process is reduced to “press key select new track press key”. Thats quicker then closing and opening by mouse each insert, at least.