Though Scheherazade New font loads properly with the today’s LMTX, I cannot
get it to load with LMTX from 2020.09.20 (which I must stay with for now
because the latest one has its own complaints about my files).

\definefallbackfamily[mainface][][Scheherazade New]
[range=arabic]
\definefontfamily[mainface][rm][STIX Two Text]
\setupbodyfont [mainface, 24pt]

\starttext
Arabic—ؼ

 {\bf ؼ}
\stoptext

with  ConTeXt  ver: 2020.09.20 23:02
mkiv lua stats  > loaded fonts: 2 files: stix2text-bold.otf,
stix2text-regular.otf

with ConTeXt  ver: 2020.11.07
mkiv lua stats  > loaded fonts: 4 files: stix2text-bold.otf,
stix2text-regular.otf, scheherazadenew-bold.ttf, scheherazadenew-regular.ttf

I should add that the old Sheherazade font works well with v. 2020.09.20.

Alan