No as far as I know it wasn't there before? Maybe I'm wrong. I thought it was there in a version af Android wear a while back and then they removed it only to bring it back again in this version
You are correct....
The "Connected / Disconnected" toggle was removed from the Android Wear app at the same time the battery stats were and then returned in the same fashion.
Very useful for anyone that has more than one smartwatch and may not be wearing that particular Android Wear watch that day.