I have been seeing this issue since last few days, while trying to create a new launch template version in the Actions section instead of the Modify Launch Template option I am seeing the Set Default version option twice.
This appears to be a UI issue because when I click on the 'Set Default Version' option where the 'Modify Launch Template Version' option used to be, it still opens the expected page. The only problem is that the name is displaying incorrectly. I've attached an image to illustrate how it appears for me.