Recently, as I've been building templates and such, I have made use of placeholder text by using /placeholder.
Today, I went to create some information using this and cannot find it nor anything similar. See Video.

Was it removed? If yes, is there a workaround? If it wasn't removed, why don't I have access to it anymore?
There doesn't seem to be a "Instructional Text" option for me in the Cloud version which I have seen referenced in a few Q&A spots. Or if it's there, I'm not seeing it and not sure why. How do I insert this instructional text?