This has been already discussed in many other threads and yes, of course, it's not a bug, it's the intended behaviour.
First, even the previous version NEVER performed all the steps. In order to see all steps performed, you would need to have ALL the FSDT products installed so, unless you are in that situation, you won't ever see all steps performed. The only change in this version, there are less steps, because now the update is way faster, since many steps are made in a single go so, the total number of steps is lower than it used to be.
With this version, we thought to save you from an extra click on the Exit button, which doesn't do anything. Since after updating all products, you are not supposed to do anything other than exit the application, what's the point of having you to click on an Exit button, since Exiting is the ONLY thing you are supposed to do ? So, we saved the extra last click, to make the app even easier to use...
But also because, when the SAME updater is run in "Installer" mode, by starting it from the "FSDT Installer", THERE is where you can "play" with things, decide what to update, check the news, manage licenses, etc. so, considering you have full control in THIS mode, we simplified the update-only mode, which is the one you are not supposed to do anything.