What happened to the "Ranges" menu in 9.5?

Are you comparing 9.5 LE to 8 LE or 8 Pro? The transport bar in 9.5 LE is documented below and should do what you want with a loop, but is probably limited in some ways compared to Pro:
https://steinberg.help/wavelab_le/v9.5/en/wavelab/topics/playback/transport_bar_r.html