They changed it. It is now in your ingame overlay, and accessable from there.
From the Steam Q&A:
"Where are my recordings?
Game recordings (and their timeline) are shown in the in-game Overlay and in your Recordings & Screenshots viewer. From the Steam Desktop Client select View > Recordings & Screenshots. From your Steam Deck, select the Media tab from the main menu. You'll find the same content and capabilities in both places.
You can choose where your recordings are stored on your hard drive from Steam > Settings > Game Recording. Steam is capturing both the video and the timeline in a raw format, if you'd like a video format (mp4) of your gameplay then you'll need to create a clip and export it."