Answer
Check the Replication field on the created IAL Object itself, not just the create dialog's option — it likely still shows 'Use Live Data' regardless of what you selected at creation time. Edit the IAL Object, change Replication to 'Copy All Data,' and save; that's what actually exposes the Update Now / Schedule buttons and makes the IAL behave as a real materialized/scheduled copy instead of a live-data-only view.