So, here's what I did: I reformatted the drive after the update, and thankfully, that fixed the formatting issue. However, I still can't access or view any of the recordings through the touchscreen. Additionally, the touchscreen doesn't show the red eye/recording warning when Sentry Mode is on, and I don't get any alerts on the app either, even though the events are recorded and available on the USB drive.
I'm not sure if there's some setting I need to fiddle with to make it work properly, but it's definitely not behaving like what I've seen in those YouTube videos.