You're correct. That looks to be a bug. If you'd like to fix immediately, the below change should work.
In the /plugins/jfbcprofiles/jomsocial.php file, at line 153, you'll see:
if ($this->configModel->getSetting('profiles_jomsocial_status_updates_pull_from_fb'))Change it to:
if ($this->configModel->getSetting('profiles_jomsocial_status_updates_pull_from_fb') && $this->configModel->getSetting('profiles_jomsocial_import_always'))
There's a bit of cleanup we're planning to do to the profile plugins in the 4.1 release, and will make sure this is fixed then too.
Thanks, and good luck,
Alex