Convert Labels to Annotation should behave in a similar manner to how this function worked in ArcMap.
I would like to be able to right-click on the feature class who's labels I would like to convert to annotation and have that option for this feature class available in the right-click menu. OR when I click convert features to annotation have that function based off of only the feature(s) I have selected in the TOC.
I'd like the option of converting only specific feature classes labels to annotation without having to turn other features off.
Right now this can be accomplished by literally turning all of the layers in a layout/map off and leaving only the feature class you want to convert turned on but this is cumbersome.
There also appears to be some quirks associated with Converting labels to Annotation. One specific one is that when I do this the source for the feature class I convert changes to the annotation rather than the original data. I'm tempted to say this is a bug because I can't think of why this would be default behavior. It's easy to fix by setting the source of data back to the original feature class again but I don't know why a source should change automatically - especially when the change breaks symbology rules.