There is nothing to enable. The option you checked has nothing to do with the application switcher.
You could look through the keyboard shortcuts and see if anything has hijacked that shortcut.
Try starting up holding down the shift key. That will start up in safe mode and disable any third-party programs that might be affecting it. It also does a disk check, so it takes some time. See if it works in safe mode. If so, try restarting normally and see if it still works.
If it works in safe mode, then it is likely you have something that is interfering with it.
As another troubleshooting step is to log in as another user. If it works there, then you have something in your particular user setup that is causing the problem. If it doesn't work, then it is a system-wide problem.