I recently updated to the newest version (tiaao) and I also see no Backup option any longer, when prior to upgrading I was always using the backup option.
In the help, it still shows to goto Settings > Backup, yet the link is dead when you click it.
Edit : I think I see what it is. When upgrading it appears you are swapped to an "account" version by default and will need to "Enable Local Wallet" in Settings > Restore/Import.