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BuddyPress, like MemberMouse and some other plugins override the default WP profile page. In that case, yes, you need to use [opt-out-url-bbpress]. The ‘Global Notifications’ section with the opt-out checkbox will appear when the user clicks on the ‘Edit’. This makes me think that perhaps I should redirect the user to the edit screen if they are logged in directly.
Note, however, that none of this applies if the user is not part of one of the roles selected to be notified. In that case, the plugin effectively turns off for that user.
Please let me know if you still have doubts.