After upgrading from 7.2 to 7.4, all of a sudden the option to update any pre existing personalised presets with 'Update with Current Settings' has been removed and replaced with only 'Apply on Import'. I'd like to know why and if this is a bug can it be repaired please as I use this function on every Lightroom session. Thanks,
Lightroom Classic CC 7.5 was released today and should address this issue. If you don’t see the update in your Creative Cloud App, hit the [Ctrl/Cmd]+ [Alt/Opt]+[R] to force a refresh. Give the new version a try and let us know if it solves the issue.