How Apple Music and iTunes Match work together

Actually, the Apple Music membership page says that service brings your iTunes library to iCloud, too

It does say Apple Music and iTunes Match are "independent but complementary," but I think I'm like you — I can't figure out why I'd want iTunes Match if I'm paying for Apple Music.

The only benefit of Match is the $2 a month price point over the $10 a month price point. Music appears to do everything Match did but better and more and is priced accordingly.

I have just experienced the same thing and found that it looks like iTunes Match might have just been renamed and the settings moved.

Note for future readers, I am using iTunes version 12.2.2.25 (64 bit) on Windows 10.

Make sure you are logged in to the iTunes Store and also make sure your computer is authorized (see the Store menu item), and then try going to File > Library > Update iCloud Music Library. After selecting that menu item, look in the top right corner (where you would normally see anything downloading) and you should see this:

After waiting for this to finish, my entire iTunes Match library appeared back! (This took about 10 minutes or so).

Also, to answer your question about the display indicator, as far as I can tell this behaves exactly as iTunes Match did for me previously. I can see which songs are downloaded, and I can choose to download those that haven't by clicking the cloud symbol.