Roast the beets: Preheat oven to 400°F (200°C). If using different color beets, place two medium pieces of foil on a large baking sheet. Place beets on top - separate them by color - and drizzle with olive oil to lightly coat. Wrap the beets in the foil. Bake until fork-tender, 45 to 60 minutes. Set aside to cool.
Make the orange oil: add 1/4 cup olive oil to a small saucepan over medium-low heat. Warm for about 5 minutes. Add the thyme sprigs and orange strips, remove from heat and set aside. Allow to infuse for at least 30 minutes.
Pickle the onion and chili: Add onion and chili slices to a small bowl along with sugar. Cover with 1/4 cup apple cider vinegar. Mix to combine. Let sit for at least 30 minutes to pickle.
Toast the walnuts: scatter walnuts on a small baking sheet. Bake until golden brown, about 5 minutes. Set aside to cool, then roughly chop.
Peel and cut beets: When the beets are cool enough to handle, peel off the skins. Slice them into wedges and place in a medium bowl. To the same bowl, add half the orange oil, 2 tbsp vinegar, hot honey, salt and pepper. Toss to coat.
Assemble: Spoon the Labneh onto a serving platter. Place beet wedges over the Labneh, top with chopped walnuts, pickled onion and chili. Drizzle with remaining orange oil and garnish with dill, orange strips, flaky salt and black pepper. Serve.