All it does is change the rev limit when the bike is stopped, you're in 1st gear, clutch is in, and you've completely pinned the throttle. There's also a feature where you can set how long the motor STAYS at your chosen rpm, after you've let out the clutch and are rolling. This helps fine tune wheelie issues, but DWC is still the main control over the front wheel lifting.
I've tried the launch control on both my 1299S and Multistrada. It definitely works pretty well! It's a mindbender to use it on a Granturismo - no bike with luggage that big has any right to blast from 0-100mph that quickly
There's no need to have this turned on or off; there's NEVER a street situation where one would pin the throttle at a complete stop. Well, unless you're one of those squids that ping the limiter whenever you want attention...but then, you'd be on a 600 and not a Panigale in that case....