stepthrough

Not sure if I can help you completely, since I just stumble my way through the WordPress site. What worked for me was this.
I went to Pages. Then clicked edit on my page being used as my Home/Front Page. Then scrolled down to Page Attributes where it lists the template being used for that page. Mine was set to default during the upgrade. I changed it to Home Page and it returned my Featured Areas to the screen version of my Home Page.
Also, make sure that you are doing this on the same page that is set as your Front Page. That can be found by going under Appearance/Themes/Customize/Static Front Page. Make sure in this location that you select Static Front Page and that the Front Page you list there is the same page you just edited under Pages.
Hope that helps/works for you. ??

I found it just after I posted the topic. It had set the page template on my home page to default template instead of the Home template. Once I changed that it resolved my issue.

Same problem. I just updated both Word Press and ColorWay Theme today. My Theme Options were there this morning; now they are gone. Can’t make any changes to front page without access to the Theme Options.