"Suppress category from home page" not appearing in category settings

I’ve read here that there’s an option to suppress a category from the homepage. However, it doesn’t seem to appear in the Settings for us.

Shouldn’t it appear somewhere near “Suppress category from Latest topics”?

We have v2.4.0.beta1 +124.

No, that was removed quite a while ago. Try a search to see the reasons why and what the replacement is.