No, that's a recent addition.
For me, it is more of a PR button than anything else, and I am very pro-Cirrus.
I wouldn't place its value that low. If you are hand flying and become disoriented it allows an initial one button push to engage the AP, place heading where you were pointed and initiate altitude hold. Otherwise you need to sync heading, enter heading mode, hit altitude hold. The later isn't complicate but in a panic mode a single button is a nice feature.
I think a bigger deal are some of the warnings on the new systems such as the R9 system yelling CAUTION UNDERSPEED if you get within 1.3x stall.