If the goal is simply to set a watchpoint where execution halts if a variable's value changes, there are two methods:
Pressing Ctrl-shift-F8
to set a watchpoint brings up this dialog:

That looks more powerful but it's confusing because it lacks the option I need; and there's an extra step: filling in the dialog box below:

Once you fill it in correctly, you get the same options for stopping execution as in the simpler method below:
- Define the variable on one line ending with a semicolon.
- Left-click in the area where you set a normal breakpoint and up pops a dialog box.

- Choose options to suit your needs.
Any instance where the value of the variable prefDbExists
changes, execution will pause as at any "normal" (unconditional) breakpoint. And that's all I needed when I asked the original question.
EDIT: Fully qualified class name is {package name}.{class name}
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