No Advanced Preferences pane
Version: 37.0.2178.32 - Opera is up to date
Update stream: Stable
System: Mac OS X 10.11.4 64-bit
When I navigate to Preferences there is no "Advanced" option
No, there isn't - and hasn't been since 15. There is a checkbox to show advanced settings at the bottom of the Browser tab, but it would be anyone's guess whether that has whatever you're really looking for.
You've obviously been reading something related to Opera Presto (versions 7 to 12), current Opera is not related to that at all.