Ive just checked on mine, it’s showing. Have you done some spot checks of other tracks to see if it’s not just tied to that particular file?
Is this on your local collection or whilst accessing a drive?
Edit: ive noticed that when using a Smart Playlist, the option to remove isnt there, possibly linked?
Edit 2: It says ‘remove from drive’ as one of your options so I assume you’re trying to remove it from a connected drive? I think the only way to do this would be remove it from your collection playlist then re-sync.
Thanks for checking this. Your post is made me think and I looked into this a bit more. The option shows when editing from the ENGINE LIBRARY column, but not in the DRIVES column.