Missing features after update

It was removed from the “plus” menu in the composer toolbar, it was already present in the actions menu that exists in the top-left of the composer and it’s still available there.

You’re seeing the new Rich editor by default, you can still toggle to the Markdown mode using the toggle shown as the first toolbar item.

Rich/Markdown toggle

The rich editor doesn’t need a preview as the content you see there is intended to visually match the posted content.

More about it here:

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