Damn, thats a trend we got here too with many products (looking at you Milka brand).
But good old Manner mostly still tastes of waffles and defydrated Nutella. Sugar? There's enough but you can still taste the nuts.
(And a little salt. I wonder if that's intentional?)
Yeah Milka was the first to go that way here, and then others followed, like Manner sadly. There's zero of the nutella taste left. There's a very slight hint of that aweful artificial "nut flavour" you get with the cheapest most low quality of foods, but even that is so weak it's barely noticable. It's pure sugar now.
It's so bad, that when I first bought this "new"' version after a couple years of not having any, I thought it was fake. Yeah fake foods are a thing here, as in much worse lower quality stuff repacked into real branded packaging "obtained" from a truck or the factory itself. So it looks all legit cos the wrapper is legit, until you try it. Usually sold at markets, not in proper shops though. Happens to all sorts of foods that are easily repackaged and you can get a large enough margin on them cos they are usually expensive, like Nesquik powder and Milka and such. Also happens to washing powder. You do still get edible/working product, but not the real thing.