I don't have Yosemite, so I can't tell if it is still there or not. However, this option was pretty much useless and I would not be surprised if it was removed.
It has always been trivial to bypass this password and print the document anyway. That's because it doesn't actually protect anything: you are just relying on the PDF viewer to act on good faith and disallow printing. Obviously, if someone wants to print that PDF, they just have to find a viewer which doesn't care (and there are dozens of them).