It is still there, it just is accessed differently.
Change Options -> Video -> General Video Settings -> Video Mode to Advanced -> Custom.
Then click the newly appeared Custom video mode settings button.
In the dialog that appears, change the Start With setting to either ROST or ROHQ, depending on what your machine can handle.
Under the lower Apply the following rules section, click the Add button.
Change the Type of your newly added rule to Audio Renderer, and then under the Filter drop-down box, you pick which audio device you'd like to use.
Even better? You can add a condition to this rule, so that it only applies if you play certain types of video (containing a certain codec, or by container file type), if you want.
These settings are also "per zone". So you could even have two zones, one with complex routing, and one using MC's normal audio path, and then quickly switch between these "sets of settings".
