Based on the Z3100/Z3200 that I have, where that choice is in the normal CM menu not the advanced mode..
There are still applications that have no CM. If you print from that kind of applications, have the images assigned to sRGB or AdobeRGB and/or edited in those spaces, you can use the driver's CM. Which is based on LUT's, not on profiles but will give adequate color for the HP media.
For B&W mode on the Z3100/Z3200 HP recommends the use of driver's CM and application CM set to "Let driver control CM" and it expects the images to be based on sRGB or AdobeRGB or Gamma 2.2 (greyscale image). The last is an addition by me as the only common thing in both color spaces for B&W images will be the more or less Gamma 2.2 character.
met vriendelijke groeten, Ernst Dinkla