I have the new fields preview feature enabled and I am now unable to edit hierarchy field order both through click and drag as well as right click and "Move up/down".
I tried uninstalling and reinstalling and that did not fix it. I did, however, confirm that when I disable the new fields preview that I am then able to edit the hierarchy again.
You may select the Hierarchy to set properties in Model view and share feedback via Ideas.
@v-chuncz-msft - thanks for the tip. That does seem to work. Is moving the functionality of doing it through the "Fields" list to the Model View part of the new update? Or is that just a bug? I didn't think I saw any mention of that changing in the update notes.