Hi George,
I just tested this functionality and it appears to be working as designed. In order for the button in the main output to be able to control the metronome click, the metronome click must be engaged in the transport bar. This is the button directly above the "e" in the word metronome in the transport bar. Once that button is engaged, the button in the main output will toggle the metronome on and off. If this is still not working for you, it might be necessary to remove your settings files from Studio One. Here are instructions:
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Go to Help>Open Settings folder.
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Copy the contents of the folder over to a folder on your desktop.
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Close S1 and delete the contents of the settings folder with the exception of the user.license file as well as the "Extensions" folder.
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Open S1 and go to Studio One>Options (Preferences on a Mac) to reconfigure your settings.
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Test to see if the problem is resolved. If it is not, please feel free to copy your settings files back over from the backup that you created in step 2.
*If you are missing presets or Sound Sets after doing this, simply double-click one of your Sound Sets under Documents>Studio One>Sound Sets.