Unnecessary, Oversized Toolbar in Prem. Elements 2024

I recently had to upgrade to Premiere Elements 2024 after a BIOS update caused Elements 2022 to stop functioning on my laptop (another issue in itself but let's ignore that for now). This toolbar (pictured) has been added underneath the editor timeline and I haven't been able to find an option to remove it. It's completely unneccessary and takes up a large chunk of usable timeline area. I know I can reduce the size of the preview window to enlarge the timeline are, but I prefer a larger preview window whilst editing.

Is there an option to remove this redundant toolbar?