It appears you can turn it off also and go back to the 1199s setup
Ohlins Smart EC semi-active suspension
The 1299 Panigale S features the world-exclusive Ohlins Smart EC semi-active suspension system. Consisting of an NIX-30 front fork, a TTX rear shock, and a steering damper, this system interfaces with the Bosch Inertial Platform and dynamically responds to changing road and riding conditions, allowing the best possible suspension performance and total motorcycle control. It operates in one of two modes: Fixed, which is non-active and allows the rider to set specific levels of front and rear compression and rebound, along with steering damper tension. These levels are maintained constant until the rider changes them again, exactly as a traditionally adjusted suspension system. Alternately, there is the Event Based mode, which is semi-active and allows the rider to select levels of suspension "behavior" ranging from Hard to Soft. In this mode, the system then dynamically adjusts compression, rebound, and damper tension in response to ride conditions, maintaining the overall "behavior" previously selected by the rider.