Is it safe to assume we’ll get the new first person toggle next chapter?

No. This is a device for Creative mode, it's not coming for BR or StW.

The original option was most likely removed because it didn't work properly with some of the recent changes.

Also, Just because creative device does the same thing doesn't mean it's the same functionality as the old StW option. Proper first person view implementation (and I expect this is what the new device does) is way more complex than just putting the camera into a new position - the weapons that you see in front of the camera are not the weapons that your character model holds when seen from third person view. This is a separate set of models and animations created and shown only from first person camera. The models are usually way more complex and use more complex weapon handling/reloading animations than the third-person models.