SYMPTOM:
When creating a package using Strategy Object Manager 10.x, the following two options are present under 'Update Schema':

The 'Update schema' process from Strategy Developer 10.x, however, has additional options available, as shown:

Options 1, 4 and 5 above are not present in the Strategy Object Manager 10.x 'Create Package' window.
CAUSE:
In the backend, there is a different component responsible for recalculating table logical sizes, table keys and fact entry levels. This same component also performs object manipulations through Strategy Object Manager 10.x. This is why only those options show up in the 'Create Package' window from Strategy Object Manager 10.x. This is behaving by design.
ACTION:
No action is necessary.
The remaining options from 'Update Schema' can be performed separately from Strategy Object Manager 9.x or Strategy Desktop 9.x after the package has been imported into the project.