Currently in SP 2010, if any list reaches threshold limit, one can easily create or update view to display records less than threshold limit. But in SharePoint Online in O365, if any list reaches threshold limit, then you cannot even create or update view. It shows the same error message i.e. "You have reached the threshold limit". This will be a blocking issue for the User since in SharePoint Online, you don't even have the luxury to disable the threshold. This will be a show stopper issue.
Is this a SharePoint Online Bug? Can anybody please report this and let me know if there is any work around to this?