Hey, @zapat22l --
I was confused for a moment when I went in to test this... I can see where you're confused too!!
There are TWO distinct screens in the Breakout Rooms user interface. First you get a "Create" window that simply asks how many rooms you want, with a set of radio buttons to indicate how the attendees will be assigned:

Then, once the Create button is pressed, you are in the Breakout Rooms assignment window. Here, I've set the number of rooms to 4, and clicked the blue Create button above, and this window appears; I've clicked the Options button in the lower left corner:

This is the screen we see almost all the time... and we (myself included) forget about the Create window.
You'll notice if you click the white Recreate button at the bottom (which you'd normally do if you want to change the number of rooms available or start from scratch), that the Create window pops back up, with still only the three radio buttons.
Bottom line: it's working as designed, and the Options button has always been just on the Breakout Rooms Assignment window.