@C3Jacks18 This issue is resolved now by Microsoft and they are rolling out new SharePoint update gradually on all SharePoint tenants.
Check my response on this thread for more details about this incident and latest updates: SharePoint Settings Gear Missing (screenshot of incident details & update included for users who don't have access to M365 admin center).
If you have access to M365 admin center, you can check this incident at: Some users may be unable to view or access Microsoft 365 apps or services
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