New hardware design question: FRAM


quick Question: the FRAM was introduced in FMUv3 or something.
Is it now an absolutely mandatory part to use.
What happens if there is no FRAM chip installed?
Are the settings automatically stored in the STM32F4 EEPROM/FLASH?

Was the decision to use this chip because of the limited write cycles of the STM32F4?
Any info on this would be cool, or any source where I can find info for previous design decisions.

BTW. I am asking, because I am designing a new board and the FM25V02 is quite a big number in the BOM.