Since I am updated to Version 2.4.2 (986), the layers tab in the sidebar doesn’t work anymore as expected.
In a file with two masters:
It worked in built 985
Here with a file with 4 masters it works …
Perhaps it is dragged to zero height? Try to drag down at the separator below the buttons. It is a little tricky to grab because it is so thin.
Thanks Rainer, that was it ! Fiddled for 5 minutes 
How could it have collapsed ? I don’t recall doing this…
I had the same problem. I think it was caused by the updated version (Version 2.4.2 (986)). I do not remember having closed that tab since I started using Glyphs… Thanks for this quick trick anyway.
I have fixed that already. This happens to all users that never had resized the layer panel. please run this line in the Macro window and restart Glyphs:
Glyphs.intDefaults["GSLayerPanelCurrentHeight"] = 100
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