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There is no 'Generate Code' toolbar button for UML projects/elements in IDE.
Not sure how this is a bug, because there are lots of actions that don't have a toolbar button: RE, Create Diagram, etc. We never intended to create a button and there never was a button. At best this is an enhancement, but the iTeam decided awhile ago not to have toolbar buttons for UML actions. In fact, there was an issue filed to remove the toolbar buttons that were added during the TPR release cycle of JSE. If something has changed in the past 24 hours, I am not aware of it.
Actually HIE decided that toolbar buttons should only be created for actions that can be used by multiple components. Since UML actions are only used by UML, we have to make them context menus.
The 'Customize Toolbars' dialog still contains UML category with 'New Diagram', 'Reverse Engineer' and etc toolbar buttons. So I could add them to the main toolbar manually. It is usefull to have the 'Generate Code' toolbar button on the dialog too.
I have made this issue an enhancement request.