Short answer is that it's still there; I'm trying to put the 'launch book 2' to be only on the beta path, but something weird is going on with the launcher.
If you go to E:\steam\steamapps\common\Love of Magic\Book2 (for whichever folder is your root steam installation), it'll still be there. BUt I need to sort out how to get the launcher to work for Beta (and only beta) players.