That's a handy little node Microsoft have added to SSMS (17.3). They've put "XE profiler" at the bottom of the objects for a serve. Effectively does the job of profiler via Extended Events (but, obviously isn't using profiler). A nice little feature, and much easier to use than having to create an Extended Events for something you don't already have set up (and don't need long term so remove afterwards).
It is nice but there are a few bugs, which is a pity because I don't believe it was a major technical challenge to add it.
There are a few other gotchas with SSMS 17.3 - particularly with its now-non-support of SQL2005's Agent tasks (I know, I know...) So don't get rid of SSMS2014 just yet!
AFAIK SSMS 2016 works with 2005, I don't have any 2005 servers around to check though, so...
SSMS 2016 does work with SQL 2005. I still have one I have to support.
SSMS 2017 is working fine with 2005, 2008, 2008 R2, 2012, 2014, and 20126. Yes, I still have to support all of them!