Okay, I finished my Master Mode Ranger playthrough and am done with all classes. Here are the last thoughts:
Phantom Phoenix is still op, with chlorophyte arrows performed similar to flamethrower vs plantera but had better range.
Venus Magnum is a lot more usable now, like a megashark with better ammo conservation; great with nano bullets in dungeon
Don't know if I mentioned if before but ghastly glaive and horseman's blade are both great as side-arms for non-melee players now, as they are strong and light up a lot of the underground or find hidden enemies.
Used the nail gun, pumpkin launcher, stake launcher once I got them; nail gun has very high single-target damage that lasts for a very long time, it's hard to find anything that does better for a while (it was better than sniper rifle with crystal bullets, for example).
Elf Melter is awesome now. With shroomite helmet changes, it gets a damage boost it never had before, plus all the new changes. Vs solar eclipse, I could just fly forward on the broom and enemies would die before they could touch me. I used it to kill off Tier 3 OOA and Betsy in one try (it was risky, though, so had to use nurse; after defeating betsy and getting red riding armor, I did a rematch and killed her even faster, no nurse).
Betsy dropped aerial bane, but vs duke fishron, I died several times trying to use aerial bane and won with elf melter (after a try or two). The theoretical damage of elf melter is lower, but it's so easy to aim and Duke Fishron keeps close enough to you that it made fighting and dodging a lot easier. Elf melter was also great vs martian invasion enemies and saucer, but risky.
Vs ice queens, aerial bane was better, and once they dropped snowman cannon, I switched away from elf melter to that, and later to vortex beater.
Overall for ranger, not much was changed, but the flamethrower changes were definitely the best part, and the shroomite helmet. Phantom phoenix is seriously pretty op, and nail gun might be a little too strong as well. None of the ranged weapons I tried felt seriously underpowered. The last thing would be huntress armor; I mentioned it in an earlier post, but it's weaker both than similarly-tiered ranger armor and the other tier 2 OOA armors for the other classes.
Having tried all the classes with the new update and the new seeds (outside of getfixedboi), I definitely think balance has gotten a ton better. The immunity frame changes fixed a lot, I think, with flamethrower, rainbow gun, and broadswords particularly benefitting.