You're right, this currently doesn't exist. I'll add it to the backlog, but this will be a couple of weeks off at least.
In the meantime, you should be able to recreate the IF quite easily. Also, there is no need to move the other steps out of the condition first. Deleting an IF or ELSE will not delete the child steps - they will remain in the sequence.
I would suggest deleting the IF, then recreating it so you have the IF...ELSE structure back in place. You can then move each of the existing steps back inside the IF.