I'm not sure exactly what precipitated this, but after years of successful usage I recently ran into a hard to resolve problem updating your portable Opera, in which it kept going in circles saying that it was updating, but always remained on the existing version. (I run my portable apps as individual standalones, rather than making use of your Launcher platform.) I tried all of the listed updating methods, up to and including attempts at installing the new version over top of the prior one, but no dice. Then I generated a support ticket at Opera, to which they offered generic but ineffective advice. The file structure (location) and files of the PAF portables typically differs -- at least to some extent -- from their regular installed versions, and you would have more familiarity with these portable editions, so I thought that you might have some better info here.
In search of a viable solution, my first thought was to create a new installation using the current version, on another partition, to graft my existing profile onto it, and then probably to relocate the whole thing once this was seen to be working. My existing profile has a great deal of important contents which would be rather tedious to reproduce from scratch. This profile backup or transfer is not nearly as straightforward and relatively easy with Opera as it had been for older versions of FireFox portable, but it seemed like it should be quite doable. I have accumulated some decades of tinkering successfully in this manner, largely through trial and error, so it is not really anything new for me.
But then I thought, maybe a shortcut could be just replacing some key files in the original Opera portable installation, using ones from this "Opera Portable #2" installation ? That has taken a fix most of the way to a successful result. 'About' now shows the desired current version, and other browser functionality looks like it should continue as before. However, "Checking for Updates" now freezes, showing version 86.0.4363.59. So, this Opera may be stuck regarding any future updates. (Unless I repeat the same files replacement procedure.) The missing ingredient may be whichever files are responsible for tracking and certifying the current installed version, & / or processing updates. Perhaps you could help me to zero in on exactly which they are, better than I could simply guess ?