The generate_hooks_execute_php allows you to overwrite DISALLOW_FILE_EDIT and execute PHP within the Hooks Element.
However, it is recommended that if DISALLOW_FILE_EDIT is defined, then you should disable PHP execution in Hooks Element. Likewise, if you disable PHP execution in Hooks Element, you should define DISALLOW_FILE_EDIT as well.
If you do wish to overwrite it for some reason, add the following PHP snippet:
add_filter( 'generate_hooks_execute_php', '__return_true' );