@emanuele45 I was playing around with this today and now I am more confused :dancer:

The admin setting does indeed hide the users email in the area I'm looking.  I have 
user A with allow others to email me set in the profile
user B has permissions to send email and will then see the envelope on User A's profile etc.
Selecting that brings up the mail form
If the admin setting is "on" then User A's email is exposed to user B, if its off, then it is not, they just get the form with no way to see the email

So from that quick test it seems like the old verbage would be better.  Or if that is all that setting does, it should be removed and the mail form (as long as we have it bleh) should be updated to never show the users email (maybe just for admin moderators with perms?)