As you have found, working in PowerPoint, just like a desktop publishing program, you work in frames or placeholders as they are called. You do not say what slide layout you are using, but whether you are using bulleted text or just a subframe with plain text in, when you insert an image it comes separate to that frame, but if you try to place it in a text frame then yes, the text will go behind it. You can either, when you click on the picture and see Picture Tools and under that Format button, you will get icons relevant to 'playing' with the image, i.e. send to back or backward and aligning and cropping etc but you do not have wrap text.
So, if you really want text around your picture what you need to do is either use a table layout slide so you put text in certain cells left, top, right and bottom of the picture which you place in a middle cell - this is probably the easiest, and remove the borders, or insert a blank slide and create your own text frames around the image.
Incidentally, even in earlier versions you have never had the facility for wrapping text in PowerPoint, only Word and Publisher.