I am also having this problem on ps4 and Switch editions since the new 1.16 version release of yesterday. Both in new worlds and old ones, when opening the Recipe Book and hovering an item, the crafting does not show anymore which materials you need to craft that selected item.
So yeah, now looks like if you click Square in ps4 the recipe appears. It seems worse than it was before, when by just selecting the item would show the recipe...