Yes the V3 Esc's have the Boost and Blinky built into the 3.1 Firmware. Hobbywing just released some new software version 3.2. But this software bricked some esc's, including my brand new one. I wouldn't reccomend updating this close to the race as you won't have time to send it in for a warrenty replacement.
If you set boost and turbo to 0 the Esc will be in blinky mode. The button will blink in neutral. If it doesn't blink then you need to recalibrate the radio to get the right neutral zone.