Did my Libraries from the old version transfer to the new version?

You may have had Libraries in the old version of the app. When you updated to the new version, the first thing the app did was attempt to migrate all of your loops into the new "ecosystem".

If your migration was successful, you will see a blue "Ready To Play" icon next to the migrated Libraries: 

Libraries that are not on your device will display the "Download Library" icon:

If your Libraries did not successfully migrate over, you can simply tap the "Download Library" icon, and it will download over the network.