What was the original intent of Studio One? I'm guessing it was to be a fully-featured DAW. Is the Fender version no longer fully featured? Have they stripped out critical functions that render it less capable than its competitors? Not trying to be snarky, I'm genuinely curious and haven't dug into it as I'm not a Studio One user and thus have no dog in the fight. From your post it sounds like things that were possible in Studio One are no longer possible in Fender's DAW. Can you clarify?
"I'm not a StudioOne user and thus have no dog in the fight."
Then I don't expect you to understand exactly what is so vexing about Fender taking yet another perfectly fine, robust company and product and making 'changes' to it that aren't needed. Fender is a musical instrument company at its core: not a pro audio company, nor an audio engineering/recording company. So I don't expect any changes they make to be in the service of the true recording industry professional.
'What was the original intent of StudioOne?' - StudioOne was/is a fantastic alternative to ProTools that shared similar functionality in terms of workflow and design, but without the many negatives of ProTools (especially when it comes to busing/signal flow/and undo features). MIDI support within StudioOne is far better than ProTools as well. It offered 'Artist' and 'Pro' versions, much like ProTools did/does with its 'Lite' or 'LE' versions, versus its insanely expensive full-featured versions that were out of the price range of the home studio user in many cases. StudioOne kept making lots of great, practical improvements that raised the bar in terms of sound and functionality, all the way up to the last iteration of its Pro V7 software. In terms of function vs. cost, StudioOne beat ProTools handily in a lot of areas. Cost-wise, PreSonus offered major bang for the buck, without licensing/subscription fees, up until Fender bought it.
Based on how Fender is marketing it, they have changed the overall interface and workflow aspects, burying the core interface and workflow of StudioOne (which was a lot like ProTools, but better) to be more 'app-like'. They appear - via some of the 'literature' about its new feature sets - to have added features that really are of no use to a recording engineer, but certainly are useful in marketing it to more casual creators. Honestly, that's fine. People who were PreSonus devotees for over a decade or more know what the real deal is. Fender is making no bones about how they appropriated a great thing, made a few tweaks, and are acting like they invented the wheel. Fender has drawn the line and seems to be saying 'we know what StudioOne *was* and we don't care..., and now here's what we did with it.' Whether that is a good thing is to be determined by the user. For me, I have no plans to 'upgrade' to Fender Studio. YMMV.
I never said or implied that things which were 'possible' in StudioOne are not possible in Fender Studio, but as @brianrost said in a previous post, which is confirmed at this point: "Presonus Studio One and at least some of the associated hardware are gone." So, cross-compatibility and backward compatibility in some areas moving forward COULD become a problem, which means that there might be things you can do in StudioOne that you might not be able to moving forward in 'Fender Studio'. Not sure anyone can say 100% yay or nay on that yet.
Fender's new interfaces look cheap and slapped together when compared with PreSonus's own interfaces and accessories (which I use every day), so it goes beyond just the software.
Admittedly, you're asking some questions which can't be fully answered yet without making the 'upgrade' (I hesitate to call it that). And I have no plans to do that, especially not while I have multiple projects in progress in StudioOne Pro 7 as we speak.