Yes, you're talking about the "Reframe" function, right? I noticed this is gone as well in Lumia Camera 5. You can still use it in "Lumia Camera Classic", but all it is really, is just cropping the picture. As long as you're using the high res version of the image, I think you get the same effect by selecting "edit", then the "crop/rotate/auto-fix" option.
The "Reframe" thing was big with the 1020 release, and it's huge images. Sometimes, I'll just cheat and zoom in on a pic (by pinch/unpinching) and taking a screenshot of the zoomed in image.
The question I have is does this change the original photo? That was the beauty of Reframe the original was untouched no matter how many times to rotated and cropped.