I recently noticed this is not working as expected and low and behold when checking the setup see that 'Field Update' is not longer appearing in the UI (old and new) and instead the action has defaulted to 'Create or Edit' record.

There has been no indication or warning of this functionality change and I can still see that the setting did exist as the documentation has yet to be updated!!!!

Please reinstate this functionality as it is key to our business processes.