Nope, it’s completely gone once I’ve Deactivated it once and Re-activated. After that, no more Deactivation possible.
I probably worded my original post badly, but it seems to work now as a once-and-once-only thing with Deactivation. It should be a toggle switch to freely Activate and Deactivate imo.
That makes more sense. Try reloading the page once you’ve reactivated. Then open up the student link modal again. Does it pop back up? (It does for me)