There never was functionality for exposing the email address to specific groups. It's either a link to the email form, email address with mailto link, email address, or hidden. This is configured using the "Email Handling" parameter in CB > Configuration > General. You can however substitute the email field into a Custom HTML field then use something like CB Privacy with a forced privacy control to limit its visibility to moderators or place it on a tab only accessible to moderators.

The mass mailer is for sending custom emails to multiple users. Specifically the users you've selected in the table below. That doesn't have anything to do with displaying the email address on their profile.

It is not possible to change the recipient email address when using Mass Mailer. It will always use the primary email address on the account. You can supply additional To addresses however if you choose to manually supply those email addresses, but that's the only way to do what you're wanting.