You'll still be able to load .obj files on to an actor and spawn a morph target.  Those morphs are not considered external (or binary).  The option shown above will simply enable or disable Poser's use of .pmd files.  Even with it disabled, you'd still be able to load a morph injection which uses a .pmd file.  Poser just won't create .pmd files when you save files or figures.

Note that with the option disabled the saved Poser files that you create will be larger than if you had the option enabled.

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Cage can be an opinionated jerk who posts without thinking.  He apologizes for this.  He's honestly not trying to be a turkeyhead.

Cage had some freebies, compatible with Poser 11 and below.  His Python scripts were saved at archive.org, along with the rest of the Morphography site, where they were hosted.