After the following Feb 2021 update, the floating menu has grown larger with an extra color option:
Change comment's color from the floating menu
You can now choose the Color of the selected comment from the floating menu without opening the Comment tool. This feature is available for highlight, strikethrough, underline, and caret annotations only.
Is there a way to disable this extra option, or customize these floating menus in general, without completely disabling them? I appreciated the simplicity of the original toolbar that popped up for highlights (comment or delete), but now the growing toolbar is cumbersome.