Hey there Brandon. Thanks for reaching out, and for updating to 2.0. You are correct that featured images can be used on the Events much in the same way they’d be used on regular posts. The featured image will generally (unless your theme restricts this) appear within the individual entry and upon hover in the calendar/grid view.
If you aren’t seeing the option, my guess is you’d need to enable it under “Screen Options” in the upper right-hand corner of the screen. Want to check that out and let me know if you’re still having issues?