The older version of the integration with Tiny MCE supported version 3.5.11.
The newer version of the same integration supports version 4.X
Configuration of the editor can no longer be done from the CMS admin view. All changes are done through code.
If you want to learn about how to configure the new Editor have a look at this page - https://world.episerver.com/documentation/developer-guides/CMS/add-ons/customizing-the-tinymce-editor-v2/property-configuration/.
Yes, I know that all changes are done in code but this is about the image handling in the insert image functionality. It's still there but it has fewer options. It not possible to align the picture or to change the padding, or to put a frame on the image.
If you are on a HTML5 site, the display of the align and padding properties in the old TinyMCE editor is actually a bug. It was fixed in CMS 11.1.0: https://world.episerver.com/documentation/Release-Notes/ReleaseNote/?releaseNoteId=CMS-5336
Alignment, padding and framing should be handled in CSS anyway - not inline styling like what the previous version produced.
When inserting an image in the old tinyMCE editor it was possible to adjust alignment and vertical/horizontal padding on the image. Seems like this has been removed from the new editor. Is it possible to turn it on again from code? Why was it removed?