When Apple rebuilds apps it usually takes a few iterations but generally the capabilities return.
The pattern we've seen is Apple decides to re-write a utility because reasons. The new version comes out as part of a major OS release. Then nothing further happens.
The exceptions are the major apps like iTunes, Safari, iMovie, and iPhoto. Also the "discoveryd" re-write is extremely noteworthy in that it was fully withdrawn and replaced by its predecessor.
Whether this is wise is a different question.
But no you're right, there is a definite pattern of feature loss going back to iMovie HD 5. I'm still using Pages '09 because it does what I want and feels snappier.
So in typical fashion a redesign with a more Apple centric feature set.