'Show input menu in menu bar' feature not working (MacBook Air M1; macOS Big Sur 11.0.1)

The 'Show input menu in menu bar' feature does not appear to be functioning properly on my new MacBook Air M1 running macOS Big Sur 11.0.1.

I have the feature toggled but the keyboard/emoji menu icon does not appear in the menu bar.

Is anyone else having this issue and might you have found a simple solution?, e.g., reboot, etc.