This is NOT related to the Element Picker option, but the Documentation options.
In Designer 2.0, we added a "toggle documentation" hot key to Ctrl+/ (control-forward-slash) in the Ladder View. When you are online looking at status, or just looking at logic offline, sometimes you want to see MORE logic temporarily. One way to do that is to turn off Rung Comments, Nicknames, Extra Info, and Descriptions, but it's a slight hassle to turn those all of, look at what you needed to look at, then quickly go back and turn those back on to what you had previously.
Hence, the Ctrl+/ is very quick and easy to toggle between your current doc settings and having all doc turned OFF. If you are like me, you have large rung comments sometimes, and they take up a lot of real estate. Useful, but I don't need to see them ALL THE TIME (especially online with STATUS ON). Ctrl+/ it's OFF, Ctrl+/ it's back on.
Very convenient.