Hi,
I'm thinking that "New Course and User Analytics" might just be a new name for New Analytics?
I enabled the feature in a course -- on the Feature Options screen it shows the full name "New Course and User Analytics" but once enabled (and it took a few moments to appear in my course menu), it shows up only as New Analytics. I'm guessing the longer name is too long for the course menu, but that the new name encompasses more what the feature actually does.
Anyways, here is a link to the Canvas Guide: What is New Analytics
I think the option will just appear for everyone, regardless, as a default. So it may be up to you to decide if you want to try and see what would happen -- maybe in a sandbox ??