This new update has messed how my Dropbox works on Desktop too. I also get the 'syncing' symbol on all of my folders, and for some reason Dropbox has decided that it needs to Sync all ~80,000 files all over again despite the fact that I already had everything set up perfectly how I like it and all the files that I needed for offline/online use were already set.
It's taken about 2.5 hours out of my work day so far because it's clogging up all my time trying to get this mess sorted.