Actually, combustion always worked this way, both v1 and v2. If you set proxies in the footage operator, then set the output popup to "Main", switching between the quality settings will automatically switch between using a defined proxy and using the full-res imagery. This was done so that you wouldn't have to go and switch every clip to turn on/off proxies every time. A lot of people missed this feature and assumed you had to set proxies manually in every case when rendering.
Best and Preview automatically use full res, as long as you don't override this behavior by setting the footage switches to "Proxy" instead of "Main". Medium and Draft use proxies by default.
combustion v2 fixed a few bugs in this area, but the general behavior is the same.
-- Greg