Update: Never mind, I have a different problem. Somehow Yoast deactivated itself on the post I was editing. When I exited the post and re-entered it, Yoast came back, along with the nofollow / sponsored link options.
The dropdown with extra clicks was annoying, but it worked. Now in the latest update, nofollow and sponsored are completely gone! Any ideas how to fix that? Or am I going to have to switch to HTML mode to update my links every time?