Related content in a view using entity reference
As mentioned in the comments you don't need any Relationships to filter out the related content. Simply add the Contextual filter for your Entity Reference field, and configure it with a Default value to pick up Content ID from URL, and validation criteria to the Artist content. 



You can use the Relationship if you need information other than the Artist node ID in your Views, for example, if you have an independent Views Page showing all Releases, and you want your Contextual filter to be in your URL showing the Artist name and not the ID number: 

/releases/Beatles

for all Releases nodes referencing the Artist Beatles. 

And it's still working the same as it did in Drupal 7, apart from the different wording in the names, you just added the wrong Relationship. 

It should not be the 'Content using field_artist', but Content referenced from field_artist. 

'Content using' that field are the nodes with the ER (News, Releases, etc.) so you're just pointing back to what you already have in your Views. This is a "backwards" Relationship. 

The 'Content referenced from field_artist' Relationship is pointing towards the Artist nodes, and through adding that Relationship you'll have the Artist data available in your (Releases) Views. This is the Relationship you want to you in this case.