The headline and screenshot say it all. In addition to the existing “Open sites in Internet Explorer mode” option under More tools in Chromium Edge, the new Edge browser in Canary and dev offers “Open sites in Edge mode” option as well.

For the enterprises and businesses to run both modern and legacy sites and apps, Microsoft integrated Internet Explorer mode into its Chromium Edge browser. The feature was initially not available for end-users, after feedback, the company has allowed interested users to enable IE mode in the new Edge browser when they run Edge with a command-line switch. Doing so will offer an option under “More tools” to open the current site in Internet Explorer mode. When users select the option, Edge ensures all opened tab from that site run in IE mode.
Today, we’ve noticed the “Edge mode” option as well when Internet Explorer mode is activated for Edge. If you now visit a website and select “open sites in Edge mode” in more tools menu present in Ellipsis menu, Internet Explorer will be disabled for that tab, the feature may be useful for enterprises but not for users.

To try both Internet Explorer mode and Edge mode in Chromium Edge browser
1. In Edge Canary/dev version, visit edge://flags
2. Search for “Internet Explorer” and for “Enable IE Integration” flag, choose “IE Mode” and restart the browser.
3. Now right click on Edge shortcut on the desktop and select its properties and append the following switch at the end
--ie-mode-test
The total string in the Target field then should be like below.
"C:Program Files (x86)MicrosoftEdge DevApplicationmsedge.exe" --ie-mode-test
UPDATE January 27, 2019: Microsoft confirms they’ve no plans to add Legacy Edge mode to the new Edge browser and says the IE mode flags exist in Edge for internal testing purposes.
Related articles:
How to clear browsing data for Internet Explorer mode in Chromium Edge
Finally, Internet Explorer Mode now works in Microsoft Edge Dev