Yes, it's for when it stops working. Just tick the box and away you go.
No need to restart the router to re-establish a connection.
There's plugins for various browsers that let you bring up a little menu in the status bar and choose your proxy, so you don't have to go through the whole Tools > Preferences > Settings, etc., route.
SwitchProxy for Firefox is one.
I know it's not ideal, but, it's all we can do other than petition TPG to sort out their issues upstream. My understanding is that it doesn't happen to all customers. It just happens at random.
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