Device settings always have been, and still are, under Devices but will only show up if you have a device connected. I don't know what version you updated from, but there have been a couple of changes relating to devices, but these changes were made months, if not a year ago. First change is that you can have multiple device profiles saved between MB sessions. I have two devices, with different music and playlist options. The other change is that you don't have to have the device connected in order to configure sync settings.
If not connected, Edit > Preferences > Devices > (select device) > Configure > Music
If connected, select device from Devices at the bottom of the left panel and the main panel will bring up the various options