Francis Laurin Thank you! This is probably the most valuable reply regarding this topic on the web. I have confirmed that this still works.
After deleting the respective Teams channel in the Teams Admin Portal I then created a dummy document folder in SharePoint Admin, moved my desired document folders associated with the previous channel into the dummy folder and then, and only then, was able to delete it; otherwise you will not get the "delete" option. FTR, did not need to wait the 21 day grace period post deletion of Teams channel.
It is strange that this fix is not mentioned anywhere I looked, whether it be in official Microsoft documentation or third party like 'Office 365 for IT Pros.' Anyways, have a great day everyone!