Select parent object from hierarchy?

During the 5.3 update some functionality was changed in the hierarchy view. Previously it was possible to select a gameobject then press the 'left arrow' key to select its parent object. Currently this key select the item above it. I raised my concerns in the beta forum.

I work in 100-200 MB scenes with many thousands of gameobjects and prefabs, many grouped together and organised into different groups. I really need this functionality for my workflow. I don't like to use the scrollbar, because it's confusing at what 'tier' down you are and there's just far too much stuff always collapsed to navigate any deep than 2nd tier stuff (I open a second hierarchy view to drag/drop stuff around).

Is this functionality still present? Cheers.