No, sensitive or whatever extra water button (for wash and or rinse cycles) isn't an option for this version of Miele washer.
http://media.datatail.com/docs/manual/325534_en.pdf
Like many modern front loaders this washer already uses maximum amount of water for each cycle, thus will not allow any further modification.
My AEG Lavamat is same; have "Rinse Plus" permanently selected, but machine will not add an additonal rinse to "Woolens" cycle from what one has seen. I think it will for "Delicates", but haven't watched machine go through paces in some time now.
Back to OP's query.
Most modern front loaders use far less water for all cycles and this includes woolens. Some of this has come from extensive recent research on how best to machine wash woolens.
Older machines used high level fills (my Miele uses about 10 liters for wash and each of three rinses), which current opinion is too much water for woolens.
Wool will absorb quite a lot of water, but older machines used high levels that kept woolens "floating" in water with occasional tumbles that forced things down into. Modern machines use less water but more constant (but still gentle) tumbles. By using less water along with appropriate woolens cleaning product absorption of water is kept low and thus also chances of shrinking/shape distortion.
Don't bother doing large woolens like blankets in my AEG Lavamat, machine doesn't take on enough water, and wash cycle is so short that bits end up remaining totally dry. In fact cannot do more than one or maybe two (if small) woolen items for same reason.
OTOH just did four cashmere sweaters last night in the older Miele, and things came out a treat.