Audio waveforms are now difficult to tell where the clipping point is

I'm still using a 2022 version of Premiere and would probably keep using it if this is one of the newer changes! How is there any logic behind lowering the top of the waveforms just for 3 extra icons at the top right?

For years, the 'name' in the top left has always obscured the first few seconds of audio peaks (depending on your zoom level) but the brilliance is:
-you know exactly when you're peaking, rather than guessing in the new version

-the waveforms are taller, and are far easier to ballpark the peaking

The downside is the first little bit is obscured, but when zooming in and out it's easy to figure out, especially with these benefits ^

In a program where space is at a premium, especially for laptop users, it seems inane to have to make all your audio channels taller to have the equivalent height of the older versions. 

/rant

Suggestion: revert it!

It's a UI design choice, probably to accomodate for the icons on the top right of clip that allow you to designate it as Music, Fx or Speech. This will help in the Essential Sound Panel.

I agree with you that they could have made this a feature that does not take up as much real-estate, especially if you don't use the Essential Sound Panel actively. Perhaps it can activate if you hoover over the segment, or that they make this a user-selectable feature in the preferences or the wrench in the timeline.

For this reason, I moved this discussion over to Ideas.