In prior versions of the launcher, after choosing a profile / installation, it would remember that choice.  In the future, pressing the large, green "Play" button would continue to launch the same profile / installation.  In the current version, this is not the case.  Each time the launcher starts, it selects the "Latest Release" installation.  Each time, I change the selection to my preferred installation.  The next time I start the launcher, it has forgotten my prior selection.  I much preferred the old behavior where it remembers your preferred installation between starts of the launcher.