Puncher Menu in Time Tracker
When you are using the Puncher plugin, this display option determines whether or not the
Puncher menu is available. Having it in menu allows for quick access to the puncher page, rather then going with two clicks through
Time page, and then
Puncher click.

Punch menu in Time Tracker
However, if you already have a big menu and do not want to clutter it further, navigation to Puncher is done via the link on
Time page.

Navigation bar with Puncher link on Time page
Time Tracker User Guide