Yes, It is enabled. but according to description it only redirects visitors which are blocked.
it says A blocked visitor will be automatically redirected to this URL.
I am suggesting a redirect for all non-blocked visitors who tries to open example.com/wp-admin
I believe it does not return a 404 error for non registered users. if you check your self you’ll see that it will return a PAGE NOT FOUND, it is not generating 404 error.
I think it should redirect all visitors who are not logged in to homepage or any other url.
