Hi! The new modern theme v1 does not have all the features and options of the classic theme-- yet. For the moment, hiding your title using the new classic theme is not possible, but we recognize that this is an important feature for users who have the title in the image so will be making an improvement in a future version.
I've made a note to update this forum when this improvement is made.
For some FAQs about the new modern theme, check out this article.