As of Chrome 48 (and perhaps a few versions earlier), the function seems to have moved yet again:
The first few steps are unchanged:
Press F12 to bring up the developer tools
Press ESC to open the console
According to the previous answers, the setting could then be found under the "Emulation" tab. As shown in the images below, it has now been moved to the "Rendering" tab, which can be brought up by clicking on the three dots to the left of the "Console" tab.