New prompt: "Save this to memorized Payee List"

After one of the recent updates, the above prompt along with a check box pops up when I click on the category field of a transaction. I must have missed the description of this feature and why it happens when I click on the category field? And how does it relate to the previous behavior - If the box is checked (seems to be the default) would that be the previous behavior if "automatically memorize new payees" is checked?

And finally, I looked in the settings and cannot see any way to disable this (somewhat) annoying pop up feature.