I've just added the latest Lollipop update (G900FXXU1BOB7) OTA to my S5 and the Mute button/option has returned!
The Notifications option has now changed to 'Do not disturb' via which you can 'Mute all calls and alerts, except for your selected exceptions'.
AB
The Notifications option has now changed to 'Do not disturb' via which you can 'Mute all calls and alerts, except for your selected exceptions'.
AB
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