"Tape Style" monitoring used to mute the recorded audio on the track during playback when monitoring was activated, but now it mutes the monitoring during playback instead. This makes no sense, because you can just turn monitoring off as you wish with the monitor button.
Muting the recording made sense because you could audition new riffs live during playback without hearing the recorded part, but still hear your guitar through the channel's effects, such as ampsim.