That is an annoying one to lose, especially when you are used to it. Since the advanced shortcut setting is already on, a few checks are worth trying:
First, try turning the advanced keyboard shortcuts setting off, restarting Opera, then turning it back on again. A setting can look enabled after an update without actually taking effect until it is toggled.
Second, check whether another application or a system shortcut on the Mac is now capturing the 1 and 2 keys, and try the shortcuts with the browser window itself in focus, rather than with the address bar or a text field selected.
Third, open Settings and look at the Shortcuts section to see whether 1 and 2 are still assigned to cycling tabs, or whether they have been changed or left blank. If they are listed differently, reassigning them there should restore the behaviour.
As a workaround in the meantime, Ctrl+Tab and Ctrl+Shift+Tab should still move forward and back through tabs.
It would also help to know which Opera version this started with, and whether it stopped straight after an update, as that would point to a change in that version rather than a local setting.