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> My (uninformed) observation is that Elm does things the way Om (previous) did it: is that correct?

It's not, Elm doesn't use cursors and transactional mutations, I'd say the Elm architecture is closer to a pure single-store Redux: user actions are dispatched as Sub Action which are run through an update reducer (Action -> Model -> Model), which is then run through the view (Model -> Html) resulting in the new UI state.

As far as I understand Om.next still uses a "giant blob of state" - a global atom. It differs from re-frame/reagent in how you access this state, the global atom.

Elm does things the same way. However, PureScript has lenses so the same thing can be done if you're using the equivelant of Elm in purescript, purescript-pux