In One for All, it's the first option in オプション (options) (the only one that doesn't say しない
Unless I missed something, there is no option like that in IM@S2 (just turned it on to check)
turning it off means the text won't auto go to the next person to speak after they are done talking I'd assume. I haven't played it since I turned the option off though.
Dammit, it's not in IM@S 2 then. I was planning on kanji dictionary-ing my way through that game, but the text auto-progressed so I couldn't.