This will be enabled the same as Code Hint. It's packaged under one feature as it is hard to draw the line when one starts and another one ends. Plus the features extents one another.

Expanding abbreviations

Emmet extension can track abbreviations that the user enters in some known syntaxes like HTML and CSS. When a user enters something that looks like an Emmet abbreviation, the extension starts abbreviation tracking (adds emmet-abbreviation class to a text fragment). When abbreviation becomes complex (expands to more that one element), it displays abbreviation preview:

Tag pair marking and renaming

Extension is able to mark paired open and close HTML tags in editor: it adds emmet-class-tag and emmet-close-tag name to matched tag names. Optionally, extension can display preview of matching open tag when cursor is inside close tag.

When tag pair tag marking is enabled, it’s possible to automatically rename tag pair when you update open or close tag:

For more about Emmet.io visit their website