Unchecking the "Show menubar by default in new terminals" in the profile setting does not prevent the menubar from appearing when gnome-terminal is started and only has an effect on whether the "Show Menubar" checkbox in the context menu is checked by default. That checkbox works properly to show/hide the application menu when toggled.
Unchecking the "Show menubar by default in new terminals" in the profile setting does not prevent the menubar from appearing when gnome-terminal is started and only has an effect on whether the "Show Menubar" checkbox in the context menu is checked by default. That checkbox works properly to show/hide the application menu when toggled.