Is there a possibility to disable or remove the "Check for Updates" option in SQL Developer 3.2.2 version.
I have tried using the below AddVmMOption but it is not working
If you are referring to Help -> Check for Updates, I'm not certain if that is possible.
If you mean Tools -> Preferences -> Extensions, just uncheck the Automatically Check for Updates box. Doing that is standard procedure for improving the tool's launch performance.