It's, obvious what the 3 choices will do. I suggest Only on new tabs to be the preferred choice; Default is Never. The caveat here is that if Always is used Ctrl+Shift+B will hide the Favs Bar (and show it, again, too) AND if the other choices, Ctrl+Shift+B will make the Favs Bar show... (and hide it, again, too).
Summary: Regardless of the setting used, Ctrl+Shift+B, still, does its thing :smiling_face_with_smiling_eyes:
BTW, this is in Canary NOT, Dev. Dev has Show OR Not & that's it. Certainly, even, better w/ the/all 3 options