@Frances Moncrief Hey, Frances! I'm going to go ahead and move this to the Next-gen collection, so you may get the best possible answers.
We tried setting up similar functionality by using release/versions for one of our projects. We setup different releases for different 'components' and identify epics/stories under right release by setting up versions on issues. It complicated things, but provided similar approach as that of components from classic projects.
If there is no reporting requirement, custom field, or label is another option to categorize issues.
But then, introducing components like breakup to next-gen project defies the purpose of the project type itself. Next-gen setup is for easy to setup, short, nimble projects. If project scope is huge, and you really need features like components, my suggestion would be to consider defining project as classic project, and invest few hours into project configuration.
There is an open request to add feature to next-gen projects. If it is popular requirement, maybe it will get introduced for next-gen projects as well in future release. Here is the link : JSWCLOUD-17601