When the hell did Dropbox turn "online files only" by default?

I'm very sure after (mistakenly) "upgrading" to this new beta, which moves the Dropbox location to ~/Library/CloudStorage/Dropbox, I spent a whole day syncing already.

The night before I travel (and one destination is not known for fast connections) was not a fun time to find out that, actually, all my files — a few hundred GB — were apparently all "online only".

The whole point of choosing Dropbox back then was precisely that things would be available offline on all computers…

This company really seems to have lost focus, trying to compete with Google and Microsoft on collaborative editing and all the rest of it, and then delaying massively on Apple Silicon updates. I just want my files available…