It appears that if all you do is toggled OFF this option, that nothing actually happens UNLESS the model had been updated before hitting the 'Save' button. Now this can be as simple as either editing some feature, running the model Playback or else just editing some expression that updates the model and then edit it back to it's original value. Then hit 'Save' and the facets will be removed, or at least it appears to work that way (I tested this checking the file size, using a very large and complex solid model, before and after toggling the option ON/OFF and with or without doing a model update).
John R. Baker, P.E. (ret) EX-Product 'Evangelist' Irvine, CA