I suspect the issue stems from this item that isn't seen unless you expand the Safari 12.0 update in the app store: "Improves security by discontinuing support for most NPAPI plugins". I'd wager that Microsoft Silverlight is an NPAPI plugin which explains why it no longer works.
After a bunch of work in the recovery console I was able to get 11.1.2 back up and running which restored Silverlight. However, I now get a frequent crash popup for "SafariBookmarksSyncAgent" quitting unexpectedly. While annoying, I don't use safari bookmarks, no less require them to be synchronized anywhere so I'll just move that popup window into the bottom corner of my screen and ignore it after each reboot. Super annoying, but at least I got the plugin back for now.
I've also reported this issue and thread to Apple's senior advisors in the hopes they can get some engineering eyeballs on it. However, I suspect they are going to say this is now Microsoft's responsibility to update Silverlight to not be an NPAPI plugin.