The problem is related to new WooCommerce version.
Compatibility of our theme with the plugin will be added in a new theme update.
Please wait for it or revert back to old WC version. Thank you for understanding.
Also, before update any plugin you need to be sure that theme and other plugins that you use are compatible with the new version.
You can go to Theme Options > Single Product Page > select Zoom effect and the gallery will be worked. Seems is is our bug that the gallery doesn’t work without zoom selected, I’ve sent the report to our developers, it will be fixed in a new theme update.