I'm also annoyed by this. In the browser version, many tools are now hidden under the "More" menu when there is PLENTY of room for it to be expanded.
Dear Evernote, I love that you're finally making significant improvements after years of nothing, but this and the 'Press "/" to insert an element' prompt are really changing the experience of Evernote for me. How about getting feedback from users before making changes like this? And/or using some common sense.