Hi,
That option removes the username, name and password fields from the login view of the checkout. It however doesn't remove the whole view. If you want to remove the login part, you can use the CSS: .hikashop_checkout_login_left_part{display:none;}
If you want to customize the address fields, you need to go in the menu Display->Custom fields.
If you want to remove the whole view, you will need to remove the text "login_address_" from the checkout workflow. However, your users won't receive any emails nor will you know the address of the user since the checkout won't ask for that.